* Tax relief is restricted to 10% of the amount paid and in respect of educational deeds of covenant is restricted to payments made under covenants that have been entered into on or before 5 April 2011 and where the student is in qualifying full time education at that date.
Married couple/civil partners*
* Subject to an irrevocable Tax Cap election being made, individuals have the option to elect for a ten year period, with the five year election also remaining available. The maximum income tax liability for an individual who has made the election is £200,000, or £400,000 for a jointly assessed couple. For any five year Tax Cap elections which commenced up to and including the 2019/20 tax years, the amount charged for each year is the value of the Tax Cap applicable in the first tax year covered by the election.
Income from IoM land and property
* Retail businesses with taxable profits of over £500,000 are subject to tax at 10%, those with taxable profits below that level are subject to tax at 0%.