The Isle of Man is an internally self-governing dependent territory of the British Crown. It is not part of the United Kingdom or the European Union but is a member of the British Commonwealth.

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 United Kingdom Government. The Island makes an annual payment for these services.

As a Crown dependency, the ultimate responsibility for the government of the Island is vested in the Crown. By long standing convention, the United Kingdom Government does not legislate for the Island except with the specific consent of the Island's Government.

The Island has its own income tax and customs and excise offices and is an established low tax area enjoying total independence from the United Kingdom on matters of direct taxation. There is a standard corporate tax rate of 0%, low personal tax and no capital transfer or inheritance tax. As a consequence the Island has developed into a flourishing and internationally respected offshore business centre.

The Island's balanced economy combines traditional industries such as agriculture, fishing, tourism and light industry with areas of recent growth such as financial services, e-commerce, the film industry and space exploration.

The Island benefits from a special relationship with the European Union and this allows streamlined movement of goods between the Island and the Union. Regular sea and air services for passengers and freight allow quick and easy access to and from the United Kingdom, Ireland and beyond.

The Isle of Man has a colourful heritage, diverse scenic beauty and there are many leisure activities on offer. The tourism industry is well established and the Island provides a fantastic location for short-breaks or for conferences. Some of the most famous activities on the Island involve motor sports and include the TT, Southern 100 and Manx Grand Prix.

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