There are no formal proposals to introduce tax relief schemes to boost the economy.

That was the message from Treasury Minister Alfred Cannan, after Lawrie Hooper (LibVannin, Ramsey) asked in Tynwald what plans there were to introduce such schemes to encourage investment.

Mr Cannan pledged the government’s commitment to supporting enterprise ’in order to encourage investment in local businesses and grow our economy’.

The minister said: ’Treasury will look closely at potential initiatives for job creation as part of the annual budget process over the forthcoming months, but there are no formal plans in place for such tax relief schemes.’

He added: ’Maintaining an attractive tax regime, including competitive personal tax allowances and our Zero-10 corporate tax regime, have undoubtedly been key factors in maintaining sustained economic growth.

’I certainly recognise the importance of maintaining the impetus in growing and diversifying our economy.’

He said the Enterprise Development Fund had encouraged job creation and supported new business.

But, when Mr Hooper pressed him further on the possibility of tax relief schemes, Mr Cannan said: ’We have already committed potentially £50 million over the next five years, with [the] Enterprise Development Fund.

’This government also made available £4 million in the budget this year to support local businesses through grants and other initiatives from the Economic Development Department.

’With a Zero-10 regime, a highly competitive personal tax allowance regime as well, for personal investment in the Isle of Man, I think extending tax relief schemes in such a manner would potentially open us up to a number of issues.