2016-17 Budget Breakdown

Tue, 16 Feb 2016

What you need to know:

No changes will be made to Income Tax rates, Personal Allowance Credit or the 'Tax Cap'.
2,000 people won't have to pay tax and another 19,000 will see reduced bills due to a £1,000 increase in personal Income Tax allowance to £10,500.
The 10 per cent income tax band will stay but will only apply to the first £8,500 of a person's taxable income, instead of £10,500.
A government bond is being proposed to offer secure investment opportunities for people.
Basic state pension will rise 2.9 per cent - however there'll be no change to the Manx Pension Supplement.
There's a new penalty for Manx Income Tax avoiders
It's proposed that the Enterprise Development Fund will cost £10 million a year for five years - which will be funded from the reserves.
New commercial land developments will be given an Income Tax exemption for up to five years.
A further £23 million is being ploughed into a capital programme - including construction and engineering works worth £71 million.
There's a suggestion that a £5 million contingency fund be made available in extenuating circumstances - like bad weather.