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29 May 2012 Last updated at 09:15 ET

The Isle of Man is located in the Irish Sea between Scotland, England, Ireland and Wales.

The island is not part of the United Kingdom or European Union, but is a possession of the British Crown with an independent administration. Its inhabitants are British citizens.

The Isle of Man was permanently settled by Celts and fell under Viking control in 1079. The Viking legacy is seen in many place names and the title of the Tynwald parliament, although the Celtic Manx language predominated until the 19th century.

Man passed to the Scottish crown in 1266, and then to the feudal lordship of the Stanley family under the English crown. The British crown acquired the lordship in 1764, but never incorporated the island into the United Kingdom.

Profiles compiled by BBC Monitoring

The Tynwald parliament was granted autonomy in 1866, and steadily advanced to democracy in step with the United Kingdom. Established no later than 979, it is one of various assemblies that claim to be the oldest parliament in the world. The Tynwald elects the Council of Ministers, presided over since 1986 by a chief minister. Most members of the Tynwald are independents.

Native-born people make up 47.6 per cent of the population, with the rest almost entirely accounted for by immigrants from the United Kingdom. People born in England make up 37.2 per cent alone.

As a Crown Dependency, the Isle of Man is not part of the United Kingdom or European Union. The Tynwald passes its own legislation with the assent of the Crown granted in the Privy Council. The Crown is responsible for defence and diplomatic representation, and acts on the advice of the UK Ministry of Justice. The Isle of Man has its own controls on immigration and housing.

The Isle of Man has relatively low taxes and this has encouraged a major offshore financial sector that accounts for most of GDP. Over recent years the Manx government has made a concerted effort to cast off the island's reputation as a tax haven, signing tax information exchange deals with over a dozen countries.

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Isle of Man profile