Isle of Man Budget 2004-05 - Isle of Man Treasury Department Website

2004-05 ISLE OF MAN BUDGET AT A GLANCE

Income tax personal allowances increased by 2.8% to £8,225 for single persons and £16,450 for married couples;
Personal income tax standard rate stays at 10%, with the higher rate remaining at 18%;
Personal Allowances Credit maximum increased from £200 to £222.50 for individuals who do not fully utilise personal allowances;
10% increase in tax relief on Educational Covenants and Charitable Donations, to a maximum of £5,500;
Income tax rate for non-resident companies’ trading income reduced to 10%;
Company tax higher rate remains at 18% non-trading income;
Commercial Building Allowance for Ramsey and Port St Mary extended to 2005 to bring them into line with Peel;
Commercial Building Allowance extended to child nursery facilities;
Extension of a zero tax rate to businesses operating within the space and satellite industry;
£30.7 million or 7.3% increase in net Departmental revenue spending on public services;
£10.6 million surplus expected in 2004-05; £27.7million surplus in the current year;
Capital programme at £98 million to be financed without recourse to external borrowing;
Tax personal allowances increased by 2.8% -
- Single Person’s Allowance £8,225
- Married Couple’s Allowance £16,450
- Single Parent Allowance £13,855 (including Single Persons Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,530
Thresholds at which higher rate becomes payable remain unchanged -
- Single Person remains at £10,000 of taxable income;
- Married Couple remains at £20,000 of taxable income, fully transferable between husband and wife;
Single persons may have incomes of £18,225 before paying tax at the higher rate of 18%, whilst for married couples this figure is £36,450;
Exempt Companies Fees to increase to £450.
Rate of interest on Agricultural and Fishing loans reduced by 1%, to 5%.