Tuesday, February 17, 2009

IOM Budget at a glance

In the hardest budget of his career, Allan Bell announced the following in Tynwald today.
  • No change in personal income tax - standard rate stays at 10 per cent and higher rate remaining at 18 per cent.

  • No change in income tax personal allowance which remains at £9,200 for single people and £18,400 for married couples.

  • Higher rate tax threshold remains the same. Single people can have an income of £19,700 before paying tax at 18 per cent, for married couples this figure in £39,400.

  • Personal allowance credit increased to a £550 flat rate payment to all eligible people with income less than £9,200.

  • Additional personal allowance remains at £2,000 for over 65s, taking their allowance to £11,200 for single people and £22,400 for married couples.

  • Jobseekers allowance made a non-taxable benefit.

  • Tax cap on total income payable per person remains at £100,000 or £200,000 per married couple.

  • £5.6 million or 1.0 per cent increase in net department revenue spending on public services.

  • £0.2 million surplus expected in 2009-10, £14 million surplus in the current financial year.

  • Capital programme at £126.8 million.

  • £30 million to be transferred to various reserves in the current year.

  • £127 million capital spending programme plus £22 million for the local authorities housing programme.

  • £15 million transfer to public sector pensions reserve.

  • Overseas aid budget increased by £200,000 to £2.4 million.

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