2005-06 ISLE
OF MAN BUDGET AT A GLANCE
- Extension of zero tax rate to businesses operating within manufacturing, agriculture, fishing, film, e-gaming and tourist accommodation industries;
- £34.5 million or 7.7% increase in net Departmental revenue spending on public services;
- Personal Allowances Credit band increased by £275 to £2,500 for individuals who do not fully utilise personal allowances, with the maximum Personal Allowance Credit increased by 12.4% to £250;
- Income tax personal allowances increased by 3.3% to £8,500 for single persons and £17,000 for married couples;
- Personal income tax standard rate stays at 10%, with the higher rate remaining at 18%;
- Tax relief on Educational Covenants extended to include those aged 16 to 18 attending approved courses;
- Income tax rate for trading companies remains at 10%;
- Company tax higher rate remains at 18% for non-trading income;
- Commercial Building Allowance for Ramsey, Peel and Port St Mary extended for a further year to 2006;
- Exempt company fees increased by 5% to £475;
- £11.7 million surplus expected in 2005-06; £9.1million surplus in the current year;
- Capital programme at £92 million to be financed without recourse to external borrowing;
- Income Tax personal allowances increased by 3.3% -
- Single Person’s Allowance £8,500
- Married Couple’s Allowance £17,000
- Single Parent Allowance £14,300 (including Single Person’s Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,610
- Thresholds at which higher rate becomes payable increased by 3% -
- Single Person increased to £10,300 of taxable income;
- Married Couple increased to £20,600 of taxable income, fully transferable between husband and wife;
- Single persons may have incomes of £18,800 before paying tax at the higher rate of 18%, whilst for married couples this figure is £37,600;
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