Isle of Man
Definition
Tax-haven island in the Irish sea. Though its sovereignty was purchased by the British crown in the 18th century, it has never been a part of the United Kingdom. Isle of Man has an autonomous parliament, civil law (as opposed to the UK's common law) based legal system, and its own currency which is interchangeable with sterling. The UK government is responsible for its defense and foreign relations but not for taxation policies.
Isle of Man is in the Banking, Commerce & Finance and Investing subjects.
Isle of Man appears in the definitions of the following terms: precedent, purposeful trust, Roman law, civil law and offshore financial center (OFC)
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