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Gambling License Isle of Man
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Gambling License Isle of Man: Isle of Man General
- Surface area: 572 m2 -Languages: English, Manx
- Currency: Pound Sterling (own bank notes) -Inhabitants: 76,000
- Capital city: Douglas -Inflation: 3 percent
- Unemployment: 1.6 percent
A jewel in the Irish Sea between Ireland and Great Britain, the Isle of Man is under the patronage of the British crown. In terms of foreign policy and defence the islanders rely on the British mainland just 100 kilometres away. Up until recent times, tourism and agriculture were the main source of income for the islanders. However, today more than 45,000 British companies in particular, generate 50 percent of the gross national product through their offshore activities. The government is thus placing strong focus on transforming the island into a financial centre.
By mid 2003 approx. 70 banks and financial companies and almost 200 insurance companies were established there. Bank deposits have grown in the past ten years by more than 400 percent to approx. 40 billion Euros. But the register of shipments in Douglas is also quite impressive. Tax exemptions, low costs and a one-time registration fee have attracted foreign ship-owners. Meanwhile, more than 200 ships with a tonnage of 5.2 million tonnes fly the Manx flag.
Tax advantages, membership of the Sterling monetary area and good connections with Great Britain are the driving force behind this development. The island belongs to the EU free-trade area and with the exception of foreign policy it is exempt from all aspects of the Rome treaties; it is entitled to determine and collect its own taxes.
- Currency controls: none
- Fiscal extradition agreement: none
- Political risks: none
- Legal system: Subject to British Common Law, company and tax law are regulated by the Company Acts of 1931 and 1974.
- Patent protection: Subject to British law
- Residence: For EU citizens no problem. One must provide evidence of approx. 50,000 pound cash income. The desired tax revenue is 10,000 pounds per annum. Each foreign national that purchases property on the island, must invest an additional 50 percent of the purchase price over ten years in government bonds that are not acceptable as collateral.
- Taxes: There is no property tax, inheritance tax, gift tax or capital gains tax for residents. Should tax at source be collected on the assets of residents outside the island, these can be credited against island taxes. Income tax for resident natural and legal persons is between 15 and 20 percent of net profits. Non Resident Companies pay a flat taxation of 750 pound on their profits. Corporate tax for trading companies has been reduced from 18 to ten percent.
Losses can be presented without time restrictions or transferred within a group and depreciable mobile assets can be written off immediately. A law on exempt companies has been in place since 1984. This provides additional incentives for companies, which only conduct offshore business, to trade or invest from the island. The Isle of Man does not levy taxes on property, capital, capital gains, gifts or inheritance. Likewise, there is no such thing as stamp tax. Value added tax is at a state imposed rate of 17.5 percent.
- Double taxation agreements: only for natural persons from Great Britain
- Living costs: same as Great Britain
- Communication: good
- Travel: Car: via Liverpool. In the summer there are other connections to ports on the British Isles. Flying: via London directly to the island airport Ronaldsway
- Companies: It is advisable to establish a Non Resident Limited Company that is taxed on a lump sum basis.
In recent years the island has grown to become one of the leading captive centres in the world. Highly attractive for insurance, with well in excess of 100 companies established there – paying an annual licence fee of 2,000 pounds and fully tax-free.
With further tax advantages the government is trying to coax existing non-resident companies currently trading offshore to establish themselves on the island.
Trusts are a specific feature of the Isle of Man. These may be established by non-residents for the usufruct of non-residents. Where the income of the trust is earned outside the island, there is no taxation obligation on the Isle of Man. The Isle of Man was the first offshore centre to be afforded a special status – under the British financial services law. Thus approved investment companies and shares in mutual funds on the island can be sold in Great Britain. The annual fee income of the Trust manager is tax free.
Gambling License Isle of Man: Principle Acts
- Gaming (Amendment) Act 1984
- Gaming, Betting and Lotteries Act 1988
- Online Gambling Regulation Act 2001
- Casino Act 1986
- Pool Betting (Isle of Man) Act 1961
- Pool Betting (Isle of Man) Act 1965
- Betting Act 1970
- Pool Betting (Isle of Man ) Act 1970
- Casino (Amendment) Act 1990
- Public Lotteries (Amendment) Act 1993
- National Lottery Act 1999
- Betting Offices Act 2001
- Gambling (Amendment) Act 2006
Regulations made under the Online Gambling Regulation Act 2001:
- Online Gambling Duty Regulations 2007
- Online Gambling (Advertising) Regulations 2007
- Online Gambling (Prescribed Descriptions) Regulations 2007
- Online Gambling (Advertising) (Overseas) Regulations 2007
- Online Gambling (Systems Verification) (No.2) Regulations 2007
- Online Gambling (Betting and Miscellaneous Provisions) Regulations 2007
- Online Gambling (Disaster Recovery) (No.2) Regulations 2007
- Online Gambling (Registration and Accounts) Regulations 2008
- Online Gambling (Licence Fees) Regulations 2009
- Online Gambling (Exclusions) Regulations 2010
Regulations made under the Gaming, Betting and Lotteries Act 1988:-
- The Controlled Machines Regulations 1985
- The Controlled Machines (Exemption) Order 1992
- The Licensed Betting Offices (Opening Hours) Order 2000
- The Restricted Betting Offices Regulations 2001
- The Certification of Premises (Application Fees) Order 2003
- The Controlled Machines (Prescribed Amounts) Regulations 2003
- The Controlled Machines (Suppliers Licences) (Fees) Order 2003
- The Controlled Machines (Exemption) Order 2006
Regulations made under the Casino Act 1986
- Casino (Licence Applications) Regulations 1986
- Casino Regulations 1997
- Casino (Amendment) Regulations 1999
- Casino (Amendment) Regulations 2001
Isle of Man Online Gambling Commission
The Isle of Man Government actively encourages the development of gambling and e-gaming business on the island. It remains committed to delivering a stable government and strong regulatory environment, supported by a wide range of attractive business benefits.
In 2001, the Isle of Man Government was one of the first jurisdictions in the world to introduce legislation specifically designed to benefit gambling and e-gaming firms and fully protect customers. Following further recent changes, the licensing and regulatory controls are now more responsive to the needs of the gambling and e-gaming industries.
The Isle of Man Gambling Supervision Commission was founded in 1962 and is fully independent and committed to player protection.
The Isle of Man Government and the private sector have worked hard to ensure that the island has a world class infrastructure and full range of support services in place for the gambling industry.
The Isle of Man Gambling Licensing Process
For more information on the range of commercial and business benefits which the Isle of Man can offer to your company, see the information provided by the Department of Trade & Industry.
The main objectives of The Isle of Man gambling commission are as follows:
- ensuring that gambling products promoted by operators in the Island can compete effectively throughout the world
- facilitating competition
- facilitating the provision of modern products and services
- ensuring that gambling is conducted in a fair and open way
- protecting children and other vulnerable persons from being harmed or exploited by gambling
- preventing gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime
The licensing application fee is £1,000. The annual license fee for a betting site is £35,000. There is a 1.5% tax on gross gaming yield up to £20,000,000. Yields over that amount are taxed at a reduced rate.
The corporation tax is 0%, provided the site does not accept bets from Isle of Man residents. As with land-based gaming, e-gaming regulations are reviewed and enforced by the Gambling Control Commissioners.