2013-14 ISLE OF MAN BUDGET AT A GLANCE
Government is on course to rebalance its finances while working to develop the Island’s economy and protect the vulnerable.
- Government on course to rebalance finances by 2015/16.
- Further real terms savings of £17m on top of £62m saved since 2010/11.
- Net spending up 1.6% to £547.9m, including £31m from reserves.
- Gross spending on benefits up £13m (5%), net spending on Health up £3.2m (2.5%).
- Capital programme of £97m includes £35m to repay MEA loan and £44m for construction schemes including £19m for local authority housing.
- Use of reserves in current year expected to be £47m instead of £55m.
- National Insurance ‘holiday’ scheme for employers has created 340 new jobs and will continue.
- 10% corporate income tax rate to be extended to include major retailers with annual profits of at least £500,000.
- New target set for £10m annual efficiency savings.
- Government headcount to reduce by 300 posts over the next three years, adding to the 400 posts and 300 staff lost since 2010.
- Initiative on long-term unemployed will aim to halve numbers to under 100 over next two years.
- Key business decision makers to be targeted by new financial support packages and marketing.
- Legislation will tackle avoidance of Manx income tax through ‘personal service companies.’
- Nursing Care Contribution payment increased from £100 to £110 per week.
- No change to income tax rates, personal allowances or thresholds.
- Maximum income tax liability, the ‘tax cap’, remains at £120,000.
- Personal Allowance Credit remains at £500 per person.
Further information from :
Mark Shimmin, Chief Financial Officer,
The Treasury, Isle of Man
Telephone: (01624) 685586
Fax: (01624) 685662
- Main Budget press release
- Budget at a glance
- Government Finances
- Budget Rebalancing Strategy
- Where the money goes
- Budget Three Year Plan
- Foreign Account Tax Compliance Act (FATCA)