Ernst & Young Tax-O-Meter Compares UK, IOM and Irish Taxes

Tax-news.com

14 April 2000

Ernst & Young's on-line interactive Income Tax calculator - TaxOmeter - has been updated to calculate Income Tax liabilities for the tax year 2000/2001.

TaxOmeter enables residents of the Isle of Man, the United Kingdom and the Republic of Ireland to instantly compare their Income Tax liabilities in the three countries, and is able to compute the tax liabilities for individuals and married couples.

TaxOmeter makes some interesting comparisons, for example:

A single person earning £20,000 will pay: £1,893.00 Income Tax in the Isle of Man, £03,252.90 Income Tax in the United Kingdom £3,806.00 Income Tax in the Republic of Ireland.

A single person earning £40,000 will pay: £5,893.00 Income Tax in the Isle of Man, £8,951.60 Income Tax in the United Kingdom, £12,606.00 Income Tax in the Republic of Ireland.

A married couple with a joint income of £50,000 will pay: £5,786.00 Income Tax in the Isle of Man, £8,705.80 Income Tax in the United Kingdom, £12,012.00 Income Tax in the Republic of Ireland.

TaxOmeter will also compare the Income Tax liabilities for 2000/2001 with 1999/2000. Further comparisons for 2000/2001 are available on the Ernst & Young site including Capital Gains, Inheritance Taxes and Stamp Duty as well as details on Business and Personal Allowances and Company Tax.

The Ernst & Young site is at: http://www.ey.co.im

For further information contact Mike Dean at: mfdean@ey.co.im

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