off-shore accounts

[rcastell]

is it possible to avoid income tax by banking in the isle of man

[Loosehead]

No, tax liability is based on residence. If you live in the UK your tax liability is based on your world wide earnings. Depositing money in the IOM or anywhere else for that matter does not exempt from liability.

Now there is a lot more to it than that and various tricks can be used but it's generally only worth it for the wealthly.

[Trotbot]

And like a number of offshore banking countries, the IoM has tightened up on who deposits what where and and how did they come by it. The tax laws are designed to make it necessary for you and your money to be elsewhere.

[Sweet G]

Loosehead is correct. If your question relates to income tax on the interest in the account, although the interest added to the balance is done so gross of tax, you are liable to tax on that interest at whatever rate you are on at the time the interest is paid, regardless of when you actually take the interest onshore.