•The income tax personal allowance will remain at £14,500 for a resident individual and £29,000 for a jointly assessed couple.

•For higher earners, the personal allowance will be tapered and reduced by £1 for every £2 that a person’s total income is above £100,000 (£200,000 for jointly assessed couples).

This means if a person’s total income is £129,000 (£258,000 for jointly assessed couples) or above their personal allowance will be zero.

•The income tax lower rate for individuals remains at 10% and the higher rate at 20%.

The threshold at which the higher rate of income tax becomes payable remains at £6,500 for an individual and £13,000 for a jointly assessed couple.

•The first £600 of any general benefits in kind, provided to an employee by an employer, will be exempt from income tax.

Only the amount above £600 will now be taxable. This will not apply in respect of accommodation and associated expenses. The treatment of bicycles, cars and fuel remains unaffected.

•The National Insurance Holiday Scheme is amended from April 6:

The maximum value of a refund is increasing from £4,000 to £4,400

The minimum annual gross salary which must be earned in order to qualify for a refund is increasing from £21,000 to £23,000

The requirement to work a minimum number of hours to qualify for a refund is being removed

•National Insurance thresholds and upper earnings limit will be increased by 5%. Class 2 and Class 3 rates will be increased accordingly.

•Key increases in the following benefits:

*Pensioners

Following the restoration of the ‘triple lock’ uprating, the basic state pension, additional pension and Manx state pension all go up by 10.1%

Around 19,000 pensioners will see their state pension increased by 10.1%.

*Family/Other

Maternity, paternity and adoption allowances will increase by 16.8%

Income support, child benefit, income-based Jobseeker’s Allowance and Employed Person’s Allowance – both basic allowances and allowances for children – all up 9.8%

Approximately 3,500 individuals and families of working age on low incomes will benefit from increases in EPA, Income Support and income-based Jobseeker’s Allowance.

*Disability

Carer’s Allowance up 10.7% (benefiting almost 600 carers), attendance allowance up 9.8%, Disability Living Allowance up 9.8% generally and 10.1% for higher rate mobility component

Income Support carer premium up 17.1%, Income Support disability and disabled child premiums up 9.8% and nursing care contribution up 10.1%.

•Economic Strategy Fund established with funding of £100m to support delivery of the Economic Strategy for the Island.

•A five-year capital investment programme worth £442.4m, with £233.5 million allocated to Central Government schemes.

•The Healthcare Transformation Fund will be topped up by a further £3.5m to support the ongoing implementation of recommendations from the Sir Jonathan Michael report.

Today's Budget stories:

xx Steam Packet to pay dividend xx