The Isle of Man does not have Inheritance Tax or Death Duties.
When you apply for a Grant of Probate or a Grant of Letters of Administration, however, the Isle of Man Government will charge an Application fee.
The Application fee is determined by the gross value of the Isle of Man estate.
It is only the value of the Isle of Man estate that is included in the valuation, but (as an exception) the Isle of Man estate will be treated as including NS&I holdings such as premium bonds (even though those are strictly in the UK). NS&I, however, usually accept an Isle of Man Grant, without requiring a separate Grant to be taken out in the UK.
It is also only the assets of the Deceased which are included – property which the Deceased held jointly with someone else will not usually count (as jointly owned assets usually pass automatically to the other joint owner).
The current fees charged by the Isle of Man Government are as follows, where the gross Isle of Man estate:
- does not exceed £10,000 £31.50
- exceeds £10,000 but does not exceed £50,000 £188.50
- exceeds £50,000 but does not exceed £125,000 £554.50
- exceeds £125,000 but does not exceed £250,000 £1,178.00
- exceeds £250,000 but does not exceed £500,000 £2,356.00
- exceeds £300,000 but does not exceed £1,000,000 £4,712.00
- Exceeds £1,000,000 £9,422.50
The Application fee charged by the Government includes one sealed copy of the Grant. You may need additional copies, which are available from the Probate Registry. It is much cheaper to order additional copies at the time of applying for the Grant, however, than ordering additional copies later on.