2008-09 ISLE
OF MAN BUDGET AT A GLANCE

- £28.2 million or 5.2% increase in net Departmental revenue spending on public services;
- Personal Allowances Credit band removed for individuals who do not fully utilise personal allowances, with the Personal Allowance Credit increased to a £500 flat rate payment to all eligible persons with income of less than £8,850;
- Income tax personal allowances increased by around 4% to £9,200 for single persons and £18,400 for married couples;
- Additional personal allowance of £2,000 for over 65’s taking their allowance to £11,200 for single persons, and £22,400 for married couples.
- Personal income tax standard rate stays at 10%, with the higher rate remaining at 18%;
- Life Insurance relief and Training relief to be abolished;
- Tax cap on total income tax payable per person remains at £100,000 or £200,000 per married couple;
- £32.4 million surplus expected in 2008-09; £43.3 million surplus in the current year;
- Capital programme at £169.8 million including repayment of £35 million MEA loan;
- £87 million is to be transferred to various Reserves over the current and next year;
-
Income Tax personal allowances increased by around 4% -
- Single Person’s Allowance £9,200
- Married Couple’s Allowance £18,400
- Single Parent Allowance £15,500 (including Single Person’s Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,850
- Thresholds at which higher rate becomes payable remain at -
- Single Person remains at £10,500 of taxable income;
- Married Couple remains at £21,000 of taxable income, fully transferable between husband and wife;
- Single persons may have incomes of £19,700 before paying tax at the higher rate of 18%, whilst for married couples this figure is £39,400;
Further information from :
Mark Shimmin, Chief Financial Officer,
The Treasury, Isle of Man
Telephone: (01624) 685586
Fax: (01624) 685662
email: budget@treasury.gov.im
2008- 9 Budget
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