BusinessCompany NewsManx Budget encourages enterprise

Manx Budget encourages enterprise

The Isle of Man has released its latest spending plans for the year by extending the 10% corporate income tax band for residing businesses to encourage growth in the island economy.

Link: Ireland and Isle of Man to share tax information

The extension means effectively that all resident trading companies will pay the 10% tax on earnings as the tax band has been extended from £500,000 to £100m.

Manx treasury minister Allan Bell, who presented the Budget to Tynwald today, said extending the lowest corporate tax band would save businesses £7m per year.

All non-resident companies will be taxed at a rate of 18%.

Other measures will see help given to the lowest income earners on the island, following the introduction of personal tax credits. This will provide lump sum payment of up to £200 to individuals who do not fully utilise personal allowances.

Net spending on public services increased by 7.6% or £29.4m to a total of £418m, Bell reported.

‘This is a two-pronged Budget. It aims to sustain the success of our economy – and therefore employment opportunities – and it provides additional support for people on low incomes. It is a responsive Budget for changing times, and an investment in the future of the Isle of Man,’ Bell said.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor