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2014-15 Budget

Isle of Man Budget at a glance

  • Government on course to rebalance finances by 2015/16.
  • Further real terms savings of £25m on top of £80m saved since 2010/11.
  • Net spending is reduced by £4.3m, including £11m from reserves.
  • Gross spending on benefits up £6m (2.5%), net spending on Health and Social Care up by £3.9m.
  • Capital programme of £72m includes £50m for construction schemes including £17m for local authority housing. Constuction spend up by £6m on last year.
  • Use of reserves in current year expected to be £31m as planned.
  • The target of £10m efficiency saving is on course to be achieved by 2015-16 with £7m saving achieved to 2014-15.
  • Government headcount to reduce by 153 posts.
  • Nursing Care Contribution payment increased from £110 to £111 per week.
  • No change to income tax rates, personal allowances increased to £9,500 for single persons and £19,000 for jointly assessed couples.
  • Maximum income tax liability, the ‘tax cap’, remains at £120,000.
  • Personal Allowance Credit remains at £500 per person.
  • Additional Personal Allowance for the over 65’s is reduced to £1,000.
  • Means testing of Child Benefit and a reduction of the Christmas Bonus to £40 per annum to control growing costs of universal benefits.

Further information from:

Malcolm Couch, Chief Financial Officer

The Treasury

3rd Floor

Government Offices

Bucks Road

Douglas

Isle of Man

IM1 3PZ

Telephone:+44 1624 685586

Fax:+44 1624 685662

Email:Send Email

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