Isle of Man Budget 2010
Published / Last Updated on 13/04/2010
by Ashley Clark, Director
Following a clawback of annual tax receipts by the UK of £140m by 2011/2012 the Isle of Man government were forced to budget for lower public spending, increased taxation and the use of tax reserves.
The move came following a change in the way VAT is shared between the two jurisdictions from ‘the common purse’.
Treasury Minister Allan Bell said this was the first instalment of a five year plan to re-balance the island’s finances.
The main points of the budget were to cut spending (with the exception of spending on healthcare and social care), increase personal taxation from 18% to 20%, increase National Insurance by 1% and increase the cap on taxation by 15% to £115,000 per person.
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