Revenue Services

His Mount Vema Majesty’s Revenue Services

The HMVM - His Mount Vema Majesty's Revenue Services is a department responsible for the administration and collection of direct taxes including individual income tax and corporation tax, capital taxes such as capital gains tax and inheritance tax, payroll tax, indirect taxes (including value added tax), excise duties and stamp duty - Title Plan tax. Other aspects of the department's responsibilities include contributions to the treasury, the distribution of benefits and some other forms of state support including administering anti-money laundering registrations for Money Service Businesses and collection and publication of the trade-in-goods statistics.

Corporate Tax

The Mount Vema corporate tax is 10%

Individual Income Tax

Individual income tax is currently 5%

Off-Plan Property Tax

Stamp Duty
There is a temporary 5% stamp duty on the purchase of any property off-plan. This duty will be made permanent in 2025. Not as Duty on Off-Plan, but as Stamp Duty on Property Transactions. It will remain on the statute book from 2025 although it will be substantially altered, which may include loans to be secured against real estate.

How and when to pay stamp duty
You must pay the tax within 14 days of completion to HMVM Revenue Services.
If you have a solicitor, agent or conveyancer, they’ll usually file your return and pay the tax on your behalf on the day of completion and add the amount to their fees.

State Pension Tax

Pension Tax
The tax on State Pension and Workplace Pension is 5%.