Two-time heavyweight world champion Tyson Fury has sensationally quit the UK for the tax-friendly Isle of Man following Chancellor Rachel Reeves’ tax-raising Budget.
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The 37-year-old boxer, who shares seven children with wife Paris, 36, is now living in a six-bedroom £8 million mansion near the capital of Douglas after Reeves hiked taxes to what the family considered crippling levels.
Income tax rates in the self-governing British Crown Dependency are less than half of those in the UK.
The Isle of Man higher tax rate is set at 21 per cent, against 40 per cent for higher rate taxpayers on the mainland – and 45 per cent for those like Tyson earning over £125,140.
Crucially, the Isle of Man has a ceiling of £220,000 on the amount of personal income tax paid by an individual each year – £440,000 for couples who are married or in a civil partnership.
The island also has no capital gains tax or inheritance tax.
The boxer, reputed to be worth more than £160 million, has just changed his residency status on Companies House documents to the Isle of Man, as has wife Paris on her business documents.
Companies House documents dated December 1 state for Tyson: “Country/State Usually Resident: Isle of Man.”
The same insertion has been made on her firm Paris Fury Ltd.
In Companies House filings in July, the couple had reported their place of residence as England.
A source said: “Tyson has been telling pals that he has moved to the island. He is very fond of the Isle of Man and has been telling residents that he is looking forward to making it his home.
“The couple have also been checking out schools in the area for their youngest kids.”
The two-time world heavyweight champion’s move comes after Reeves targeted the rich in her Budget last month – including slapping a new tax on mansions worth over £2 million.
Tyson and Paris and their family have been living for some years in Morecambe, Lancashire, where their property is valued higher than £2 million.
According to a 2024 report by wealth management company Equiom, Isle of Man tax residency can be established by spending “six months on the Isle of Man in any tax year or more than 90 days per tax year on average over any four consecutive years.”
Fans have been posing for selfies with Tyson on the Isle of Man in recent weeks.
The boxer was spotted on the Manxman ferry from Heysham, Lancashire, earlier this month.
Gary Christian shared a snap on Facebook, captioned: “I had the privilege of meeting and chatting with this amazing guy and his family on the Manxman this morning.”
This week, Tyson also posed with a Click and Collect driver for a selfie.
Last week, Tyson and Paris spent £60 on jacket potatoes at Terry’s Tatos in Douglas.
Director Rachel Marsland, 47, said: “I turned around and saw Paris Fury walk through the door and I recognised her instantly – then I turned and saw Tyson ducking in the door.
“He was like: ‘Have you got enough spuds for us?’ I said: ‘How many of you are there?’
“He said: ‘Nine of us.’ At that point I was shutting in 15 minutes so there were nine potatoes left in the oven.
“He was like: ‘Brilliant – there are nine of us so we will buy the lot.'”
In June it was revealed that the boxer had £162 million in cash and investments in his firm Tyson Fury Ltd.
His firm was up by £82 million from 2023 – but Tyson paid himself just £100,000.
The Gypsy King is listed as the director of his firm Tyson Fury Ltd.
Tyson stepped up his career at the start of the decade by twice beating Deontay Wilder in world title fights, having drawn with the explosive American in their thrilling first fight back in 2018.
The move highlights the significant tax advantages available in the Isle of Man compared to the UK mainland:
UK Tax Rates:
- Higher rate: 40% (on income over £50,270)
- Additional rate: 45% (on income over £125,140)
- No cap on income tax
- Capital gains tax applicable
- Inheritance tax applicable
Isle of Man Tax Rates:
- Higher rate: 21%
- Cap of £220,000 per year for individuals
- Cap of £440,000 per year for married couples
- No capital gains tax
- No inheritance tax
The move by one of Britain’s most high-profile sports stars represents a significant blow to the UK’s tax base and raises questions about the impact of Chancellor Reeves’ tax-raising measures on wealthy individuals and families.
It also highlights the ongoing challenge of tax competition between the UK and nearby low-tax jurisdictions such as the Isle of Man, which, despite being a British Crown Dependency, operates its own tax system.
For Tyson Fury, with an estimated net worth of more than £160 million, the tax savings could amount to millions of pounds annually, making the move to the Isle of Man financially compelling despite the disruption of relocating his family.
The family’s integration into island life appears to be progressing smoothly, with the Furys already scouting schools for their younger children and being warmly received by local residents and business owners.
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