Isle of Man Budget 2007-08 - Isle of Man Treasury Department Website

2007-08 ISLE OF MAN BUDGET AT A GLANCE

Hon Allan Bell MHK - Treasury Minister

£16.3 million or 3.1% 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 20% to £420;
Income tax personal allowances increased by 2.1% to £8,850 for single persons and £17,700 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 remains at £100,000 or £200,000 per married couple;
Additional funding for fuel efficiency in public sector housing;
Exempt Companies abolished from 5 April 2007;
Corporate charge remains at £250 per company but to be collected as part of increased Company Annual Return fee, set by the Financial Supervision Commission, reducing bureaucracy for companies.
£36.5 million surplus expected in 2007-08; £49.9 million surplus in the current year;
Capital programme at £102.9 million to be financed without recourse to external borrowing;
£86 million is to be transferred to various Reserves over the current and next year;
Income Tax personal allowances increased by 2.1% -
- Single Person’s Allowance £8,850
- Married Couple’s Allowance £17,700
- Single Parent Allowance £14,890 (including Single Person’s Allowance)
- Registered Blind Person Additional Allowance and Disabled Person Allowance £2,720
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 £19,350 before paying tax at the higher rate of 18%, whilst for married couples this figure is £38,700;