Isle of Man Budget 2008-09 - Isle of Man Treasury Department Website

2008-09 ISLE OF MAN BUDGET AT A GLANCE

Hon Allan Bell MHK - Treasury Minister

£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;