Today’s Isle of Man Budget at a glance

The Manx Budget was delivered today

The Manx Budget was delivered today

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They will rise from £9,300 to £9,500 for individuals and from £18,600 to £19,000 for a jointly-assessed couple.

But it’s bad news for pensioners and others on benefits who qualify for the Christmas bonus, which is being cut.

The main features are:

Government on course to rebalance finances by 2015/16.

Further real terms savings of £25m on top of £80m saved since 2010/11.

Net spending is reduced by £4.3m, including £11m from reserves.

Gross spending on benefits up £6m (2.5 per cent), net spending on Health and Social Care up by £3.9m.

Capital programme of £72m includes £50m for construction schemes including £17m for local authority housing. Constuction spend up by £6m on last year.

Use of reserves in current year expected to be £31m as planned.

The target of £10m efficiency saving is on course to be achieved by 2015-16 with £7m saving achieved to 2014-15.

Government headcount to reduce by 153 posts.

Nursing Care Contribution payment increased from £110 to £111 per week.

No change to income tax rates.

Maximum income tax liability, the ‘tax cap’, remains at £120,000 but is changed to a five-year agreement with the taxpayer to update it.

Personal Allowance Credit remains at £500 per person.

Additional Personal Allowance for the over 65s is cut to £1,000.

Means-testing of Child Benefit and a reduction of the Christmas bonus from £82.50 to £40 a year to control growing costs of universal benefits.

For full coverage of the Budget and reaction, see Thursday’s Manx Independent.

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