2010-11 ISLE OF MAN BUDGET AT A GLANCE
- Personal Allowance Credit increased to a £650 flat rate payment to all eligible persons with income of less than £9,200.
- Income tax personal allowances increased by 1% to £9,300 for single persons and £18,600 for married couples.
- Additional personal allowance increased to £2,020 for over 65’s taking their allowance to £11,320 for single persons, and £22,640 for married couples.
- Personal income tax standard rate stays at 10%, with the higher rate increasing by 2% to 20%.
- Tax cap on total income tax payable per person increased to £115,000 or £230,000 per married couple.
- Non-resident personal allowance withdrawn.
- Cap on Mortgage and Loan Interest relief reduced by £5,000 to £10,000 per person per annum, providing relief on up to £200,000 of Mortgage or loan per person at a 5% rate of interest.
- £37.1 million or 6.5% decrease in net Departmental revenue spending on public services.
- £1,000 surplus expected in 2010-11 after the transfer of £15 million from the Reserve Fund to provide a balanced budget; £24.4 million deficit forecast in the current year.
- Capital programme at £96.1 million.
- Decrease in Government staff of 99 posts
- Income Tax personal allowances -
- Single Person’s Allowance £9,300
- Married Couple’s Allowance £18,600
- Single Parent Allowance £15,700 (including Single Person’s Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,900
- 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 £19,800 before paying tax at the higher rate of 20%, whilst for married couples this figure is £39,600;
Further information from :
Mark Shimmin, Chief Financial Officer,
The Treasury, Isle of Man
Telephone: (01624) 685586
Fax: (01624) 685662
email: budget@treasury.gov.im
2010-11 Budget
- Budget Speech 2010
- Original Isle of Man Budget 2010-11 ('The Pink Book')
- Restructured Budget 2010-11
- Tynwald Order Paper No 2
News Releases
- Main Budget press release
- Budget at a glance
- Government Finances
- Combined impact of Tax and National Insurance changes
- Budget Rebalancing Strategy
- Where the money goes
Previous years
