Sunday, August 18, 2019
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Isle of Man Government 2007/8 Main Budget Speech 20 March 2007

A MEASURED Budget package aimed at securing the future of the Island’s economy and public finances was delivered by Treasury Minister Allan Bell MHK in Tynwald today (Tuesday, March 20, 2007).

Key features of Mr Bell’s sixth Budget announcement – the first of the new administration – include:

  • Funding of £37 million committed to support growth across the Island’s economy, plus fresh initiatives to promote the finance sector.
  • New and more stable VAT sharing arrangements with the United Kingdom, replacing volatile one-off receipts with steadier revenue growth based on economic performance.
  • A cautious 3.1% increase, £16.3 million, in Government’s net spending on public services, including £9.3 million more for DHSS and £5.8 million more for Education.
  • A 20% increase in the maximum Personal Allowance Credit for the less well off, plus additional funding for fuel efficiency in public sector housing.

Mr Bell declared:

‘The Isle of Man is entering a new era in which it will be more important than ever to keep on growing our economy so that we can afford to fund public services and care for the less fortunate in our community.
‘At the same time there has to be a new drive across Government to focus on priorities, make the best possible use of the resources available, and maximise value for taxpayers money.’

More about the 2007 Manx Budget:

  • £20 million Economic Development Fund, £5 million Agricultural Development Fund, £6 million more for the Marketing Initiatives Fund, new £6 million Visitor Amenity Fund.
  • £35 million transfer to the Public Sector Employees Pension Reserve over two years.
  • New legislation on the taxation of pensions announced.
  • Provision for an additional 12 Government employees (compared with 20 extra in 2006/07).
  • £103 million capital spending programme.
  • A 29% increase in the Overseas Aid budget to £1.8 million.
  • Income Tax Personal Allowances to be increased by 2.1% to £8,850 for single persons and £17,700 for married couples.
  • 2.2 pence per litre supplementary rebate on rate of duty on hydrocarbon oils in respect of bio-diesel used in the Isle of Man.
  • Consultation on Car and Fuel Benefits in Kind announced, with the intention of introducing an emissions-based charge.

Further information can be obtained from our Budget webpage or by e-mail:

More stories >>>  

Related News Articles
Sticking With Protocol 3 6 April 2004
The special Protocol 3 relationship with Europe remains the best option for the Island. [More]
Minister Speaks on Job Losses 24 October 2003
Job losses at CMI and Abbey National Offshore a reflection of the ongoing difficulties affecting institutions worldwide. [More]
Government acts to protect local economy and jobs 19 April 2013
GOVERNMENT is backing the financial restructuring of a prominent Island business group to help protect the local economy, Chief Minister Allan Bell MHK announced today (Friday April 19, 2013). [More]
Isle of Man signs Double Taxation Agreement with Luxembourg 18 April 2013
As part of the Isle of Man Government’s ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), the Isle of Man has signed a comprehensive DTA with Luxembourg. [More]
Chief Minister welcomes Guernsey announcement on UK FATCA 15 March 2013
CHIEF Minister Allan Bell MHK has welcomed today’s announcement by the government of Guernsey that it intends to follow the Isle of Man in agreeing FATCA-style automatic exchange of tax information with the United Kingdom. [More]

Other Guides by Maxima Systems Ltd: Disney World