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Treasury Minister announces increase to personal income tax allowance

Tue, 20 Feb 2018


The Treasury Minister has announced plans to increase the personal income tax allowance by £750.

Alfred Cannan has been delivering the budget for the 2018-19 financial year in Tynwald this morning.

The allowance will go up from £12,500 to £13,250 per person.

An extra £13.8m will be spent on public services, including £5.5m for Health and Social Care, plus a capital programme to modernise the Island's educational infrastructure.

Mr Cannan told Tynwald that the Island's economy is in a stronger position than it was at this time last year, with more people in work and a lower unemployment rate.

However, he urged caution, insisting the Government must seek value for money and public funds must be treated with care.

Tynwald will continue to debate the budget this afternoon.

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