Isle of Man Law Society Isle of Man Law Society The Isle of Man Law Society is the professional body in respect of the advocates' profession in the Isle of Man. The Society is the longest established professional body in the Isle of Man, formed by the Law Society Act 1859 passed by Tynwald while the island's capital was still at Castletown. The Society was established to provide its members with access to a law library, which still exists at the Hall of the Society in Douglas and holds legal case histories and reference books. The Society's role has developed and, as well as dealing
Economy of the Isle of Man and taxed on a total worldwide income basis rather than on a remittance basis. This means that all income earned throughout the world is assessable for Manx tax, rather than only income earned in or brought into the Island. The standard rate of corporation tax for residents and non-residents is 0%; retail business profits above £500,000 and banking business income are taxed at 10%, and rental (or other) income from land and buildings situated on the Isle of Man is taxed at 20%. Trade is mostly with the United Kingdom. The Isle of Man has free access to European Union