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2016-17 Budget Breakdown

Tue, 16 Feb 2016

What you need to know:

  • No changes will be made to Income Tax rates, Personal Allowance Credit or the 'Tax Cap'.
  • 2,000 people won't have to pay tax and another 19,000 will see reduced bills due to a £1,000 increase in personal Income Tax allowance to £10,500.
  • The 10 per cent income tax band will stay but will only apply to the first £8,500 of a person's taxable income, instead of £10,500.
  • A government bond is being proposed to offer secure investment opportunities for people.
  • Basic state pension will rise 2.9 per cent - however there'll be no change to the Manx Pension Supplement.
  • There's a new penalty for Manx Income Tax avoiders
  • It's proposed that the Enterprise Development Fund will cost £10 million a year for five years - which will be funded from the reserves.
  • New commercial land developments will be given an Income Tax exemption for up to five years.
  • A further £23 million is being ploughed into a capital programme - including construction and engineering works worth £71 million. 
  • There's a suggestion that a £5 million contingency fund be made available in extenuating circumstances - like bad weather.
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