The 2018 Budget puts in place progressive, affordable and sustainable measures to support the continued growth of the Isle of Man economy and to help all sectors of the community.
The headline initiatives include:
- An increase to the personal income tax allowance of £750 to £13,250, lifting 1,700 people out of the tax net
- Taxpayers will be up to £150 better off, or up to £300 better off for a married couple
- Child Benefit to rise by 3.3%, building on last year which saw the first increase in Child Benefit payments for seven years
- An additional £5.5 million for Health and Social Care services
- An extension to tax relief on nursing expenses to include physiotherapy
- A five-year capital investment programme of £428 million, including a replacement Castle Rushen High School, an extension to QEII’s Science and Technology block and a national glens and footpaths improvement programme
- Continuation of the £50 million Enterprise Development Fund and a £4.2 million business support package to aid economic growth
- A further 10% increase in the rate of the nursing care contribution
- The introduction of new pension freedoms
- Pension triviality limit increased to £100,000
- Continuation of 1% cap on the budget for Government staff pay awards for 2018/19, rising to 2% from 2019/20 allocated on the basis of need
- Basic state pension to rise by 3%
- A range of other benefits to increase by 3.3%
- A top up of £1 million for the Brexit Fund, for the continued negotiations arising from the UK’s departure from the EU
- The benefit in kind incentive to encourage cycling to work to be Extended to include electric bikes
