About Us

The Isle of Man office of Woolford & Co. is based at 69 Athol Street, which it shares with Dixcart Management (IOM) Limited, part of the Dixcart organisation.

The Isle of Man office provides all the services described in the services section of this site, except those relating specifically to the UK or Guernsey.

If considering moving yourself or your business to the Isle of Man, it is very important that you speak with us first, as there are opportunities to save tax which may be lost once the move has taken place.

Geographical and Historical
The Isle of Man is situated in the Irish Sea, halfway between the north west coast of England and Ireland. It has a population of approximately 70,000 with its main industries being the supply of financial services, tourism and agriculture.
Douglas is the island's capital and the principal port, as well as being the main business and financial centre.
The climate of the Isle of Man is relatively mild as it is moderated by the effect of the Gulf Stream, which reduces many of the climatic variations often experienced on the mainland of Great Britain.

The Manx nation shares its origins with the Celts of Scotland, Ireland and Cornwall and for over 450 years the island was ruled by the Vikings. It was during this period that the basis of the island's legislative assembly known as "Tynwald" was formed and is recognised as the oldest parliament in the world.

The island was granted to a noble English family for over 300 years, before being repurchased, with its sovereignty being re-vested in the name of the British crown, in 1765.

Law
A dependency of the British Crown, the island has a high degree of autonomy and exercises domestic, political and legislative independence through the Manx Parliament. In 1961 the parliament passed legislation abolishing higher than basic rate taxes and encouraging both new residents and industry - this heralded the birth of the Isle of Man as a financial centre.

European Union
The island enjoys a special relationship with the EU. The Isle of Man can export freely to the European market without the obligations and ties of membership required by full participants within the European Union.
In addition, a 22 acre "freeport" has been established on the island near the airport. This combines accessibility to the European markets with the added advantages of location in an offshore centre.

Taxation

Isle of Man companies are taxed at a rate of 0% on their trading and investment income. Income from land and property situated on the Isle of Man is taxed at a rate of 10%. Banks are taxed on their banking business at a rate of 10%.

Manx individuals resident on the island pay tax at a maximum rate of 18%, subject to an income tax liability cap of £100,000 from 2006/07 onward. Many benefits also exist relating to other taxes. These include exemptions from corporation, wealth, investment income, capital transfer, death, inheritance and estate taxes.

Individuals resident in the Isle of Man for more than six months in any tax year are liabile to Manx income tax on their worldwide income. A non-resident is liable to Manx taxation on certain types of income derived from Isle of Man sources. However, interest from banks, building societies and dividends paid by certain companies are exempt.

Individuals and companies resident on the island are entitled to unilateral double tax relief in respct of foreign tax levied on overseas income.

Companies registered in the Isle of Man have the advantage fo being able to register for VAT on the island and can obtain a VAT registration number. This means that these companies trading with European Union member states are able to issue invoices without adding the charge for VAT.