In an effort to attract even more wealthy entrepreneurs to its shores, the Isle of Man has set a £100,000-a-year personal income tax limit.

The move was announced by Treasury minister, Allan Bell, as he revealed the island’s annual Budget.

Under the previous rules, income tax was capped at maximum rate 18% of making the crown dependency an already attractive destination for tax exiles.

The island is also set to introduce a standard zero rate of corporate tax, ending an arrangement in which resident and non-resident companies were assessed differently.

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