Tynwald, the Island’s 1,000 year old Parliament, makes its own laws and oversees all internal administration, fiscal and social policies.

External issues, such as foreign representation and defence, are administered on the Island’s behalf by the UK Government and the Island makes an annual payment for these services.

As a British Crown dependency, the ultimate responsibility for the Island’s good government is vested in the Crown but, by long standing convention, the U.K. Government does not legislate for the Island except with the specific consent of the Island’s Government.

Taxation
The Island has its own taxation system and Customs and Excise services and it has long been a low tax area enjoying total independence from the UK on matters of direct taxation.

There is low corporate and personal tax and no capital transfer or inheritance tax. As a consequence, the Island has developed into a flourishing financial centre.

Economy
The Island has a well balanced economy which combines traditional industries such as agriculture, fishing and tourism with areas of recent growth such as financial services and manufacturing. Finance and light industry are now particularly important contributors to the Island’s National Income.

The film industry is growing on the Island and the DTI provides grants and assistance for film makers.

The Island’s Government has positively encouraged economic growth in recent years by creating a sympathetic tax regime and suitable legislative framework for expansion and by offering financial incentives where necessary, particularly for manufacturing industry and tourism. In addition, the establishment of a Freeport on the Island has assisted the manufacturing sector to become one of the major income earners.

To encourage industry the Government provides generous grants and incentives.

The Island enjoys a special relationship with the EU and this relationship allows streamlined movement of goods between the Island and the Union.

Quality of Life
Many other offshore centres have become overcrowded and expensive, the Isle of Man is in the fortunate position of being able to provide affordable high-quality commercial and residential accommodation. It has the capacity for sustaining growth for many years while continuing to retain these virtues.

A recent MORI poll commissioned by the government revealed that 93% of the Island's population were satisfied with the quality of life, more than those in Guernsey and Jersey.

Communications
Regular sea and air services for passengers and freight allow quick and easy access to and from the U.K., Eire and beyond.

Telecommunications are operated by Manx Telecom are of the highest standard, using the most modern digital technology.

The Island’s economic progress in recent years has achieved a rapidly rising National Income and low levels of unemployment. With excellent education, health and social amenities, the Isle of Man provides a enviable quality of life.