private client & trusts, Isle of Man

The Isle of Man is a common law jurisdiction and is therefore a recognised and pre-eminent jurisdiction for establishing trusts. Appleby has one of the leading Private Client and Trust practices in the Isle of Man. Our Private Client and Trusts team has significant experience advising on all aspects of trust law, including drafting, creation, variation and termination of trusts; change of domicile; and trustee duties. We act for trust institutions, commercial clients, charities, families, private individuals and their advisors. 

Appleby’s Isle of Man team is highly recommended for private client work by PLC Which Lawyer 2010. Our lawyers regularly contribute articles to leading trust publications, and speak at trust conferences locally and internationally.

In the Isle of Man there are:

• No restrictions on the period for which income may be accumulated in a trust
• No requirement to make any public disclosure or filing in relation to a trust
• No legal requirement for an annual audit but this can be specified by the trust deed, if required

The Isle of Man purpose trust has resulted in a significant rise in the application of trusts in the commercial context, used as part of sophisticated international planning exercises.

We advise on estate planning for individuals based in the Isle of Man and advise on all aspects of succession law (including the administration of estates and contentious probate work) for individuals, both resident in the Isle of Man or non-resident but holding assets in the Island. The Isle of Man has continued to see inward migration of those seeking to avail themselves of the £100,000 tax cap on income tax liability. The Island is a good place for those seeking a home near the United Kingdom, owing to its common language, common time zone, familiar lifestyle, and communications.

The Private Client & Trusts team also advises on the establishment, administration and re-organisation of charitable bodies, both domestic and established as a “private” philanthropic venture.

We are often asked to provide the trust and company services to implement planning arrangements. We provide the full range of Private Client and Trust administration services through Appleby Trust (Isle of Man) Limited, who are regulated by the Isle of Man Financial Services Commission, and also provide Employee Benefit Trust services.