The tax year runs from 6 April to the following 5 April. Returns are issued to taxpayers by the local authorities on 6 April following the end of the tax year.
In the Isle of Man there is no capital gains tax, inheritance tax or estate duty, capital transfer tax, gifts tax or wealth tax. After the stringent reductions in the budget see below , the budget featured further reduction in public spending and a public sector pay freeze for the second year running.
We expected income tax receipts to fall - we were wrong. Today I would like to extend that exemption to include electric bicycles ensuring that this benefit extends to a broader reach in our society.
The Isle of Man is a self-governing dependency of the British Crown and citizens of the island have the status of British citizens. Additionally, the British Crown is responsible for defence and external affairs of the island.
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