Tyson Fury Isle of Man: Other famous residents of the tax haven including Michelle Mone

Boxer Tyson Fury is looking at moving to the tax haven of the Isle of Man, it has been reported.

The Mirror has today revealed that the millionaire has looked at renting a mansion on the island, which has a ceiling of £200,000 a year for income tax for those who elect to pay it there. Fury, who the Mirror says is already worth £50m, has big fights lined up this year which it is said could double his fortune.

Fury is said to have chartered a helicopter to fly him to view the £10,000-a-month Billown Mansion, landing on the estate’s private helipad for his visit before Christmas. It belongs to John Whittaker, 81, who founded property and infrastructure business The Peel Group.

The property, near the village of Ballabeg on the south side of the island, features six double ensuite bedrooms, two self-contained two-bedroom flats, a “magnificent ballroom”, swimming pool, gym and tennis court. The new tenant must sign a two-year minimum contract and online adverts say it is "ready for immediate rental occupation having a versatile layout suited to a private residence and/or corporate HQ."

The Isle of Man is in the Irish Sea, not too far from Fury's hometown of Morecambe in Lancashire.

Accountancy firm KPMG says that: "The Isle of Man does not have capital gains tax, inheritance tax stamp duty, wealth taxes or gift taxes". People can be considered Isle of Man residents if they live there for 183 days of the year. And Katz and Co add that: "The Isle of Man has Income tax, VAT & National Insurance. The Isle of Man does not have capital gains tax or inheritance tax and most companies are subject to tax at 0% on their profits. The top rate of income tax for individuals is 20% (see here for allowances etc). Very high earners can also elect to be tax capped by paying £200,000 annually to the Assessor of Income Tax."

Because of the generous tax regime, several well-known people are among the 84,530 people who call the Isle of Man home. Lingerie entrepreneur Baroness Michelle Mone and her husband Doug Barrowman - most recently in the news for the profits they made from PPE supplies to the government during the pandemic - live there, and famously so did racing driver Nigel Mansell, before he moved to Jersey.

Astrologer, writer and television personality Russell Grant is said to live on the island, as does musician Rick Wakeman and novelist Alan Warner.

Trevor Baines, who died in August 2022, was a British businessman who was jailed in 2009 for money laundering and false accounting. He claimed to have made a £130m fortune, through banking, financial trading, and investment in the Miss World competition.