2006-07 ISLE OF MAN BUDGET AT A GLANCE
- Zero tax rate to apply to all resident and non-resident non-regulated trading businesses in line with the approved Modified Taxation Strategy;
- £39.3 million or 8.2% increase in net Departmental revenue spending on public services;
- Personal Allowances Credit band remains at £2,500 for individuals who do not fully utilise personal allowances, with the maximum Personal Allowance Credit increased by 40% to £350;
- Income tax personal allowances increased by 2% to £8,670 for single persons and £17,340 for married couples;
- Personal income tax standard rate stays at 10%, with the higher rate remaining at 18%;
- Tax cap on total income tax payable per person of £100,000 or £200,000 per married couple introduced;
- Non-taxable benefits removed from Personal Allowance Credit calculation;
- Additional funding for Social Security targeted at low income groups;
- Income tax rate for land and property income remains at 10%;
- Corporate Charge at £250 to be introduced, payable on 1st January 2007;
- Exempt company fees remain at £475; Exempt Companies to cease from 2007-08;
- £8.3 million surplus expected in 2006-07; £11.8 million surplus in the current year;
- Capital programme at £100.5 million to be financed without recourse to external borrowing;
-
Income Tax personal allowances increased by 2% -
- Single Person’s Allowance £8,670
- Married Couple’s Allowance £17,340
- Single Parent Allowance £14,590 (including Single Person’s Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,665
- Thresholds at which higher rate becomes payable increased by around 2% -
- Single Person increased to £10,500 of taxable income;
- Married Couple increased to £21,000 of taxable income, fully transferable between husband and wife;
- Single persons may have incomes of £19,170 before paying tax at the higher rate of 18%, whilst for married couples this figure is £38,340;
Further information from :
Mark Shimmin, Chief Financial Officer,
The Treasury, Isle of Man
Telephone: (01624) 685586
Fax: (01624) 685662
email: budget@treasury.gov.im
2006 - 7 Budget
News Releases
- Post Budget press release - Documents update
- Main Budget press release
- Budget at a Glance
- Government Finances
- Isle of Man Tax Cap
Additional Information
Previous years
