2013-14 ISLE OF MAN BUDGET AT A GLANCE

Government is on course to rebalance its finances while working to develop the Island’s economy and protect the vulnerable.

In 2013-14:

Government on course to rebalance finances by 2015/16.
Further real terms savings of £17m on top of £62m saved since 2010/11.
Net spending up 1.6% to £547.9m, including £31m from reserves.
Gross spending on benefits up £13m (5%), net spending on Health up £3.2m (2.5%).
Capital programme of £97m includes £35m to repay MEA loan and £44m for construction schemes including £19m for local authority housing.
Use of reserves in current year expected to be £47m instead of £55m.
National Insurance ‘holiday’ scheme for employers has created 340 new jobs and will continue.
10% corporate income tax rate to be extended to include major retailers with annual profits of at least £500,000.
New target set for £10m annual efficiency savings.
Government headcount to reduce by 300 posts over the next three years, adding to the 400 posts and 300 staff lost since 2010.
Initiative on long-term unemployed will aim to halve numbers to under 100 over next two years.
Key business decision makers to be targeted by new financial support packages and marketing.
Legislation will tackle avoidance of Manx income tax through ‘personal service companies.’
Nursing Care Contribution payment increased from £100 to £110 per week.
No change to income tax rates, personal allowances or thresholds.
Maximum income tax liability, the ‘tax cap’, remains at £120,000.
Personal Allowance Credit remains at £500 per person.

Further information from :

Mark Shimmin, Chief Financial Officer,

The Treasury, Isle of Man

Telephone: (01624) 685586

Fax: (01624) 685662

2013-14 Budget

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