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Budget in Brief 17 February 2004

The Isle of Man 2004/5 budget at a glance.

  • Income tax personal allowances increased by 2.8% to 8,225 for single persons and 16,450 for married couples
  • Personal income tax standard rate stays at 10%, with the higher rate remaining at 18%
  • Personal Allowances Credit maximum increased from 200 to 222.50 for individuals who do not fully utilise personal allowances
  • 10% increase in tax relief on Educational Covenants and Charitable Donations, to a maximum of 5,500
  • Income tax rate for non-resident companies' trading income reduced to 10%
  • Company tax higher rate remains at 18% non-trading income
  • Commercial Building Allowance for Ramsey and Port St Mary extended to 2005 to bring them into line with Peel
  • Commercial Building Allowance extended to child nursery facilities
  • Extension of a zero tax rate to businesses operating within the space and satellite industry
  • 30.7 million or 7.3% increase in net Departmental revenue spending on public services
  • 10.6 million surplus expected in 2004-05; 27.7million surplus in the current year
  • Capital programme at 98 million to be financed without recourse to external borrowing
  • Income Tax personal allowances increased by 2.8%
    • Single Person's Allowance 8,225
    • Married Couple's Allowance 16,450
    • Single Parent Allowance 13,855 (including Single Person's Allowance)
  • Registered Blind Person Additional Allowance and Disabled Person Allowance 2,530
  • Thresholds at which higher rate becomes payable remain unchanged
    • Single Person remains at 10,000 of taxable income
    • Married Couple remains at 20,000 of taxable income, fully transferable between husband and wife
  • Single persons may have incomes of 18,225 before paying tax at the higher rate of 18%, whilst for married couples this figure is 36,450
  • Exempt Companies Fees to increase to 450
  • Rate of interest on Agricultural and Fishing loans reduced by 1%, to 5%.

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