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Offshore Trusts Report: Isle of ManUses, Clients and Tax Treatment Trust management, particularly for wealthy UK individuals, has been a traditional business for the Isle of Man. Successive tightenings of UK anti-avoidance legislation have reduced the possibilities for UK citizens, but trust work continues to be significant and as in a number of other jurisdictions, many Collective Investment Funds are based on Trusts. The recent introduction of the purpose trust will probably lead to an increase in corporate trust work. Income tax is the only form of direct taxation in the Isle of Man. There are no capital gains taxes, gift taxes or inheritance taxes.
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