Isle of Man Budget 2018-19: 1,700 more people lifted out of income tax
An additional 1,700 people will no longer have to pay any income tax, the Isle of Man's treasury minister has announced during his budget speech.
Alfred Cannan said it shows the Manx government is committed to "supporting those on lower and middle incomes". The income tax allowance will increase by £750 to £13,250. Individuals will benefit by up to £150 a year while couples could be £300 better off. Mr Cannan added: "We are working hard to put more money in people's pockets." "Middle and lower earners have been hit badly over the past 10 years," he said. For 2018-19, the lower rate of income tax on the Isle of Man will remain at 10%, as will the higher rate of 20%. Other measures announced in the budget include: During his budget speech Mr Cannan said a £18.2m surplus in government accounts for this year means "more funding for public services" and more investment into the national reserves. Some £5.5m of the surplus will be allocated to health and social care services, while £3.1m will be spent "improving the condition of the island's roads", the government said. The Treasury also plans to allocate £1.5m to boost pre-school credits for working parents - this will see a jump in the maximum available grant from £1,700 per child to £3,420. "This is all part of a focused package of support to ensure that everyone can share in the island's success," continued Mr Cannan. "We are investing in the Isle of Man's future with confidence by pursuing progressive, affordable and sustainable policies to help all sectors of the community."