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UK budget has implictions for Isle of Man

Wed, 23 Mar 2011

The UK's budget will have a number of implications for the Isle of Man.

 

That's from Treasury Minister Anne Craine who's been giving her initial thoughts on the budget which was announced today.

 

There appears to be good news and bad news.

 

A reduction in fuel duty will be welcome news to Island motorists.

 

However, this coupled with a deferral in raising Air Passenger Duty will lower the Manx Government's income by £2m over the next financial year.

 

The Minister also notes major issues are being considered that could affect the Island, like merging tax and national insurance systems and a review of corporation tax in Northern Ireland.

 

Treasury staff will be studying the implication in greater detail over the coming weeks.

 

 

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