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

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

The Isle of Man government today announced what it described as a 'dream' budget, with reduced tax and increased spending given to Manx residents - while the elderly can also look forward to free smoke detectors.

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.’

Manx accountants claim world first with internet tax calculator

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