Isle of Man Budget at a glance
Key features of the 2020-21 Isle of Man Budget include:
- An increase for the fourth consecutive year to the personal income tax allowance, of £250 to £14,250, leading to around 465 people being lifted out of the tax net.
- A rise in the National Insurance Earning Threshold to £138 will benefit 41,000 people. This has been offset by a 5% (£39) rise in the Upper Earnings Limit that will see up to 3,500 paying more National Insurance contributions.
- A 2% targeted rise will improve the circumstances of 7,000 families who receive child benefit and 4,000 people in receipt of disability living allowance and attendance allowance
- Around 400 people who live in nursing homes will see the rate of their nursing care contribution increase by 3.6%, and 1,000 pensioners and 300 people with disabilities who get income support will benefit from a 5.2% increase in their pensioner and disability premiums
- A 3.9% rise in the Basic/Manx State Pension, increasing weekly amounts by up to
- £7 for a single pensioner and up to £15 for a pensioner couple.
Other key points from the 2020-21 Budget:
- A capital programme set at £159 million will focus spending on a range of schemes aimed at delivering a lasting legacy for the people of the Isle of Man. More than £540 million is scheduled to be invested over the next five years, demonstrating confidence in the Manx economy and providing a platform for growth.
- In addition to the £5 million revenue-funded Environmental Protection Fund, the £5 million capital-funded Climate Change Mitigation Initiatives Fund will empower Departments to initiate innovative measures that support the actions and objectives of the independent Climate Change report compiled by Professor James Curran. A further £6.4 million will be channelled into the rolling 25-year programme of climate change adaption designed to deal with the effects of rising sea levels.
- An additional £2.2 million for Health and Social Care services, £5 million for Infrastructure, £2.3 million for Department for Enterprise and £700,000 for Education, Sport & Culture relating primarily to Apprenticeships.
- £326,000 for the Office of Cyber Security & Information Assurance to focus on developing our defences against new and emerging technology and cyber threats.
- £590,000 to fund a new and improved Air Ambulance service and £565,000 to fund an increase in the Endoscopy service available to patients on the Island.
- More than £1 million of capital funding towards new communications equipment for the emergency services.
- Healthcare Transformation Fund to be topped up by £5m to support Sir Jonathan Michael’s Health Care recommendations
- Reflecting the Island’s UNESCO Biosphere status, a new nature reserve will be created on a former landfill site at the Point of Ayre at a cost of £80,000 in a joint project with Manx Birdlife. The Island’s national glens and footpaths will also receive further investment in paths, play areas and car parks.
Further information from:
Caldric Randall, Chief Financial Officer
Isle of Man
+44 1624 686433
+44 1624 685662