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2013-14 Budget

Government is on course to rebalance its finances while working to develop the Island's economy and protect the vulnerable.

In 2013-14:

  • 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 3 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 2 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:

Sheila Lowe, Chief Financial Officer

The Treasury

3rd Floor

Government Offices

Bucks Road

Douglas

Isle of Man

IM1 3PZ

Telephone:+44 1624 685586

Email:Send Email

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