On 17 February 2015, the Isle of Man Treasury released the 2015-2016 Budget. The two key tax measures in the Budget are summarized as follows
Individual Tax Liability Cap
The maximum income tax liability cap for individuals is increased from £120,000 to £125,000 for taxpayers newly electing for the cap from the 2015-2016 tax year. For taxpayers who have already made the election for the tax cap, the £120,000 cap will continue to apply. An election for the cap to apply has been required from…