2020-21 Budget

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.