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Isle of Man IM1 3TX
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In his Budget speech today, the Minister for the Treasury, the Hon W.E. Teare MHK, announced various taxation and National Insurance measures.
The rates and thresholds for income tax remain unchanged and can be viewed here, together with the new rates and thresholds for National Insurance Contributions. Guidance Note GN25 Budget Measures 2013 is available here.
From 6 April 2013 companies who carry on retail business in the Isle of Man and have taxable income of more than £500,000 from such business will be subject to a 10% rate of tax. Further details can be found in Practice Note PN 181/13 which can be viewed here.
From 6 April 2012, in order to reduce the costs to employers of taking on additional employees, an employer has been able to apply to the Assessor for exemption from having to pay the secondary National Insurance Contribution where certain conditions are met. The scheme, which was to operate for a period of two years until April 2014, has now been extended until April 2015. Further information is available in Practice Note PN 182/13 – Extension to Employer National Insurance Holiday Scheme which can be viewed here.