Moghrey Mie Posted January 24 Share Posted January 24 Watching Martin Lewis on Money Programme makes me realise i would be better off living in the UK where I could have an ISA (£20,000 maximum), the first £1,000 on any interest I earn would be tax free and I could Rent a Room with an allowance of £7,500 tax free per year. Please convince me -What are the financial advantages of living in the Isle of Man?. 2 Link to comment Share on other sites More sharing options...
Itsmeee Posted January 24 Share Posted January 24 Lower rates of income tax and free rain 3 Link to comment Share on other sites More sharing options...
genericUserName Posted January 24 Share Posted January 24 2 minutes ago, Itsmeee said: Lower rates of income tax Most couples here earning average incomes will be paying about the same in income tax as they would be in England. Link to comment Share on other sites More sharing options...
Moghrey Mie Posted January 24 Author Share Posted January 24 But pensioner unable to purchase ISA and paying tax on interest earned on savings might be worse off here. Link to comment Share on other sites More sharing options...
randyandy Posted January 24 Share Posted January 24 10 minutes ago, Itsmeee said: Lower rates of income tax and free rain Lower rates of income tax for a normal person or couple hasn’t really been a thing for years now. Link to comment Share on other sites More sharing options...
genericUserName Posted January 24 Share Posted January 24 (edited) 6 minutes ago, Moghrey Mie said: But pensioner unable to purchase ISA and paying tax on interest earned on savings might be worse off here. Except, of course, the pensioner will still have the tax free personal allowance. Meaning that tax won't actually kick in until they earn £14.5K. £29K for a couple. Edited January 24 by genericUserName 1 Link to comment Share on other sites More sharing options...
Max Power Posted January 24 Share Posted January 24 I think the financial advantages are long gone, the vibrancy is gone as discussed elsewhere. People have to make their own choices about what they enjoy about living here, but for many that I know personally, they have left. I think it's familiarity and the TT and MGP that keeps me here. 4 Link to comment Share on other sites More sharing options...
offshoremanxman Posted January 24 Share Posted January 24 It depends what your income is it’s as simple as that. I’d imagine most people on £35K or less especially would be better off in the UK for a number of reasons. 2 Link to comment Share on other sites More sharing options...
genericUserName Posted January 24 Share Posted January 24 Just now, offshoremanxman said: It depends what your income is it’s as simple as that. I’d imagine most people on £35K or less especially would be better off in the UK for a number of reasons. Last time I worked it out, people on £50K pay about the same as they would in UK. Obviously we pay lower rates / council tax. But cost of living is much higher. 1 Link to comment Share on other sites More sharing options...
randyandy Posted January 24 Share Posted January 24 (edited) 6 minutes ago, genericUserName said: Last time I worked it out, people on £50K pay about the same as they would in UK. Obviously we pay lower rates / council tax. But cost of living is much higher. Cost of living is higher than somewhere shit, about the same as somewhere decent, and less than somewhere desirable Edited January 24 by randyandy 3 Link to comment Share on other sites More sharing options...
offshoremanxman Posted January 24 Share Posted January 24 9 minutes ago, genericUserName said: Last time I worked it out, people on £50K pay about the same as they would in UK. Obviously we pay lower rates / council tax. But cost of living is much higher. Around that figure is probably right. I was talking to a mate in the UK who paid £80K in tax last year on a salary of about £150K a year which is a very good salary. In the IOM you’d have to earn about £400K to pay that in tax. But as we saw today about 50% of people in the UK now receive more in benefits than they pay in terms of taxes. So if you’re a lower earner it’s far far better. It’s only starting to make sense living here if you’re earning £50-100K or more. Link to comment Share on other sites More sharing options...
woolley Posted January 24 Share Posted January 24 I'm glad I never decided where to live on the basis of money. I live here because I love the place. 11 3 Link to comment Share on other sites More sharing options...
Roger Mexico Posted January 24 Share Posted January 24 16 minutes ago, offshoremanxman said: I was talking to a mate in the UK who paid £80K in tax last year on a salary of about £150K a year which is a very good salary. Well according to the UK government's own website, you'd only be paying about £54,000 tax and NI on an annual salary of £150,000 (with only basic allowances). So your mate may have not been telling the complete truth. But then if you believe what you read on the front page of the Daily Mail, you'll believe anything. 4 Link to comment Share on other sites More sharing options...
finlo Posted January 24 Share Posted January 24 34 minutes ago, randyandy said: Cost of living is higher than somewhere shit, about the same as somewhere decent, and less than somewhere desirable Does the cost of food and utilities vary inline with those three scenarios? Link to comment Share on other sites More sharing options...
0bserver Posted January 24 Share Posted January 24 I don't live here for the finances. I think I would be slightly better financially off in the UK. The island has it's own appeal. But it's being quickly eroded by Les Incompétents at the top of Prospect Hill. 7 Link to comment Share on other sites More sharing options...
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