The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax and a top rate of income tax of 20%. A tax cap is in force: the maximum amount of tax payable by an individual is £200,000 or £400,000 for couples if they choose to have their incomes jointly assessed. Personal income is assessed and taxed on a total worldwide income basis rather than 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.