The Manx economy combines traditional industries such as agriculture, fishing and tourism with areas of recent growth such as financial services, e-commerce and the film industry. There is no heavy industry, but there is a manufacturing sector which covers a wide range of products. The Island has its own income tax and customs and excise services and is an established low tax area.
It has total independence from the United Kingdom on matters of direct taxation. There is low corporate and personal tax and no inheritance tax or capital gains tax and no stamp duty is payable for house purchases. VAT on the Isle of Man is the same as In UK. The Island has developed into a flourishing and internationally respected offshore business centre with rising National Income and low levels of unemployment.