Isle of Man cuts tax for individuals and business – and offers free smoke alarms

The government revealed it will increase island benefits by £2.5m for low income groups, but said due to its economic growth the standard rate of income tax would drop from 15% to 14%.

Meanwhile businesses were told the lower company rate is being reduced from 15% to 14% and the lower rtae band is to be increased by £25,000 to £125,000.

Island pensioners were also told the standard pension supplement will rise £3.30 to £18.70 a week, while elderly households will also be fitted with free smoke detectors.

Treasury minister Richard Corkhill, said: ‘This budget reduces tax for business, signals a determination to remain a place where businesses can, and will, be competitive and makes tangible and important steps to diversifying the economy. We have given with one hand and given with the other.’

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