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Personal Allowance Credits 8 October 2003

The Minister for the Treasury is anticipating the announcement of Royal Assent for the Income Tax Act 2003 in this month's sitting of Tynwald on 21st October. This Act will give Treasury the authority to pay out amounts of up to £200 per person to those on low incomes, which could cost the Treasury in the region of £1.5 million. Treasury Minister, Allan Bell said:

"This marks the delivery of my promise in this year's Budget to target assistance to those on low incomes. These payments should all be paid well in advance of Christmas and I am delighted that the proposal has received widespread support".

To raise awareness of the credit, the Income Tax Division is undertaking a major information exercise to ensure that everyone who may be entitled to a Personal Allowance Credit is on their computer system.

To achieve this end they will be running an awareness campaign in the media and posting notices in citizens advice bureaux, high schools, IOM College and Post Offices to ensure everyone who is eligible is made aware of the subject. A Guidance Booklet will also be available from the Income Tax Division in Government Office.

Entitlement to the credit, or a proportion of the credit, arises if your income is less than £8,000. It cannot be calculated and paid unless the person's annual return form for year ended 5th April 2003 has been received, but those who have been granted temporary exemption from submitting a return form because of their low income will not be required to submit a return form and will receive this year's Personal Allowance Credit automatically.

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