Lowest paid residents benefit most from 2016/17 Budget

Tue, 16 Feb 2016

The Budget for 2016-17 being unveiled in Tynwald could see government lose £1.56 million in tax revenue.

If it's approved, thousands are expected to see reduced tax bills - others will be taken out of the tax net altogether.

The 10 per cent Income Tax band would stay, but only applies to the first £8,500 of taxable income.

Eddie Teare explains that balancing the Island's revenue accounts must still be addressed, but no-one will loose out: