Isle of Man Budget announced.
21st February, 2012
Eddie Teare the Islands Treasury Minister, has this morning (21st February) delivered the Government's budget to Tynwald outlining a four year rebalancing plan.
Tax remains largely unaltered with the income tax standard and higher rates remaining unchanged at 10 and 20% respectively.
A new National Insurance Rebate Scheme has been introduced to pay the employment costs of firms taking on additional employees, this is an attempt to stimulate more opportunities in the job market.
Tax relief on maintenance payments has been removed and is no longer classed as taxable income.
In all, the 2012 Budget equates to £10,600 spending for every individual in the Isle of Man. 28.9% of this goes on state benefits, 7.5% on social care, with 10.8% spent on education.