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Minister comments on UK Budget 23 March 2006

    Treasury Minister Allan Bell MHK gave his initial comments on the UK Budget today.

    The Minister stated

    “The deferral of the increases in fuel duties until September 1st will come as welcome news to the Manx motorist, as will the freeze on duties in respect of spirits and sparkling wine. Other alcohol duties have risen with inflation, and there will be an increase of 9p on a packet of cigarettes. Customs and Excise Division estimates that the increases will bring in approximately £1.25 million in 2006-07, around £250,000 over our budget projections”.

    As with previous UK Budgets, the Minister emphasised that the detailed direct taxation changes were set out in associated press releases and budget documentation.

    “As in previous years, we need to study carefully all the detailed Budget information and consult with the private sector to assess what measures may have an effect on the Island. It is too early to make any detailed comment at this stage.” said the Minister.

    The Minister commented on other announcements

    “The review in respect of aligning National Insurance contributions and Income Tax in the United Kingdom will be monitored carefully.

    He concluded

    “The speech will be seen as one focused on Education. This is just one area where we have already made significant amounts of local investment, but it shows that we cannot rest on our laurels in developing our young people for the future”.

    The Budget is expected to add less than 0.2% to the local Retail Prices Index (RPI).

    For more information please contact:-
    Mark Shimmin,
    Chief Financial Officer,
    The Treasury,
    Isle of Man.
    Telephone: (01624) 685586
    Fax: (01624) 685662

    23rd March 2006

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