Is Isle of Man considered offshore?

eloy7 · 11 December 2018 at 4:42PM

I am a non-domicile resident and exempt from tax on foreign income as long as I do not bring them to the UK.

If I receive the money into a bank account in the Isle of Man, is it considered receiving at an offshore account or have I brought it to the UK and taxable?

I am a little bit confused as the Isle of Man is part of the UK, but in many cases, its banking system is considered offshore.

qwert_yuiop · 11 December 2018 at 4:51PM

eloy7 wrote: »

I am a non-domicile resident and exempt from tax on foreign income as long as I do not bring them to the UK.

If I receive the money into a bank account in the Isle of Man, is it considered receiving at an offshore account or have I brought it to the UK and taxable?

I am a little bit confused as the Isle of Man is part of the UK, but in many cases, its banking system is considered offshore.

It’s not part of the uk. It’s got its own government - there’s no honourable member for Douglas in Westminster.

Many British expats keep their money there.

Pennywise · 11 December 2018 at 6:19PM

IOM isn't part of the UK, so for UK income tax purposes it is indeed regarded as offshore.

Cook_County · 11 December 2018 at 8:25PM

But do bear in mind that banks and credit card and bank transfer agents (such as TranserWise) may clear the money through London; resulting in an unexpected remittance to the UK.

Is Isle of Man considered offshore?

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