A PUBLIC consultation exercise has been launched into the future of personal allowance tax credits system.
The consultation was announced by Treasury Minister Anne Craine in her Budget this year.
In her speech she said: ‘Through debate we may reach the conclusion that the personal allowance credit system is not the best way to help those on low incomes.’
She also said she would look at how the tax system could facilitate the renting of rooms, helping those on fixed incomes and increasing the supply of rented accommodation.
Two consultation documents have been published by the government’s income tax division.
The ‘Payment of the Personal Allowance Credit’ consultation provides detail on the background and operation of the credits, proposes a range of options for changing the current system and seeks views and comments on those options and possible alternatives.
The purpose of the ‘Tax Relief for Letting a Room in your Home’ consultation is to outline a proposed scheme, and to seek views and comments. Anyone wishing to submit views should do so by October 31.
The documents are found on the Treasury website http://www.gov.im/treasury/incometax/consultations.gov?menuid=16916&type=current