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Isle of Man Announces Balanced 2015/16 Budget

by Jason Gorringe, Lowtax.net, London
20 February, 2015

The Isle of Man has presented proposals to raise the personal income tax-exempt threshold and remove the 10 percent income tax rate in its 2015/16 Budget.

Eddie Teare, the island's Treasury Minister announced the Government intends to increase the personal income tax exempt threshold to GBP14,000 (USD21,628), removing more than 10,000 people from the tax net. The proposal, which will be subject to consultation, would be implemented alongside the introduction of a single rate of income tax for individuals of 20 percent.

Other key measures in the Budget include:

  • An increase to the minimum amount of individual income tax payable under the "Tax Cap" special scheme to GBP125,000 for new entrants from GBP120,000;
  • An income tax rate increase from 10 percent to 20 percent on companies deriving income from local land and property;
  • A cut to the Personal Allowance Credit from GBP500 to GBP400 and new restrictions limiting eligibility to the elderly and people with disabilities with a taxable income of no more than GBP9,500; and
  • The introduction of a new National Insurance 'holiday' scheme for employers taking on a person who has been long-term unemployed, long-term sick, or recently released from prison.

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