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Manx Budget Published 22 February 2017 Hits: 1754
Penalties to be imposed soon 22 September 2016 Hits: 2035
Isle of Man Chamber of Commerce 08 April 2016 Hits: 2656
Personal tax returns 2016 08 April 2016 Hits: 2211
Employer returns now online 08 March 2016 Hits: 2284
Isle of Man Income Tax Budget 2016 16 February 2016 Hits: 2813
We are hiring! 26 January 2016 Hits: 2607
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Tax Relief proposed for investors 21 December 2015 Hits: 2349
Cloud Accounting 15 December 2015 Hits: 2512

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Manx Budget 2017

Yesterday the Treasury Minister gave his annual budget.

Key changes were an increase in the personal allowance to £12,500 and a decrease in the 10% Tax band by £2,000 to £6,500.  This will make individuals who fully utilise their current 10% band £200 better off.

It was announced that Class 2 National Insurance for self employed will be abolished in 2018, being replaced by a higher rate of Class 4 National Insurance at 11%.  This may well lead to an increase in company incorporations for local sole trader businesses but the detail on this will follow.

Child Benefit and State Retirement Pension both received increases, by 2% for Child Benefit and 2.5% for Pensions.

The Tax Cap is to be increased to £200,000 by 2020/21.


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