Isle of Man Budget at a glance
Key features of the 2019-20 Isle of Man Budget include:
- An increase for the third consecutive year to the personal income tax allowance, of £750 to £14,000, lifting 1,550 people out of the tax net. Taxpayers will be up to £150 better off, or up to £300 better off for a married couple.
- Introduction of a National Insurance Holiday Scheme for employees who move to the Island for work and Manx students who return to the Island to work after completing their UK university courses.
- Most benefits to rise by 2.4% with exceptions to:
- Child Benefit (5%), building on last year’s increase of 3.3%
- Employed Person’s Allowance (2.9%)
- Maternity Payments (20%)
- Basic state pension (2.5%)
- Winter Bonus +£50 (16.7%)
- Disability Living Allowance (3.4%)
- New Manx State Pension to be introduced from April 2019 at £184.15 per week.
- More money to enable departments to deliver services: an additional £3 million for Health and Social Care services, additional £3m for Home Affairs, mainly within Policing, £2.2m for Infrastructure and £1.5m for Education, Sport and Culture
Other key points from the 2019-20 Budget:
- A five-year capital investment programme of £479 million, including a Douglas Promenade Walkway, facilitation works to develop the Isle of Man Ferry Terminal in Liverpool and an initiative to support the development of Jurby, a new telecoms strategy and a new landfill facility for problematic waste.
- Revision to the Enterprise Development Scheme to open it to a wider range of applicants. A total of £9m will be available to focus on job creation and strengthen the requirement for co-investment.
- Funds of £2m set aside from the Economic Development Fund to develop the Airport Technology Gateway which will see the creation of a high quality landscaped business park at the airport.
- Funds of £1.5m ring-fenced for a revised student awards scheme to support people to return to the Island after their studies.
- Sugar tax to be introduced from April 2019 expected to raise around £300,000,which will be ring-fenced to be used by the Department of Health and Social Care.
- Agriculture and Forestry Fund to be topped up with £1m per year for 3 years to support the operation of the Meat Plant if required.
- Additional funding of £350k in 2019/20 (with additional funding in future years) made available to the Department of Environment, Food & Agriculture to deliver a modified Agriculture Development Scheme with increased emphasis on environmental priorities, sustainable food production and increased investment in modern infrastructure.
- New Community Fund to be established to match-fund community projects which support our UNESCO biosphere status. The £250,000 Fund will be managed by the Manx Lottery Trust.
- A top up of £1 million for the Brexit Fund to £2.5m, for the continued negotiations arising from the UK’s departure from the EU.
Further information from:
Caldric Randall, Chief Financial Officer
Isle of Man
+44 1624 686433
+44 1624 685662