Manx Budget 2010

Alan Bell MHK presented the 2010 budget on 16 February 2010. It is a budget of modest tax rises.

The top rate of tax has been increased from 18% to 20% with personal allowances increasing slightly, and mortgage interest relief being further restricted. There are no changes to business tax and the Government is budgeting for a 6% decrease in expenditure in 2010/2011. The tax cap is to increase from £100,000 per annum to £115,000 per annum. Government reserves will be utilised over the short term whilst adjustments are made to the Government programme. Many will see the very small cut in Government employees as not going far enough.

 For more details visit http://www.gov.im/treasury/incometax/ViewNews.gov?page=lib/news/treasury/incometax/10budget2010inco.xml&menuid=11570