TWO consultation documents with a focus on the personal allowance credit system have been published by the Isle of Man Treasury.

It follows the Treasury Minister’s 2011 budget speech in which she stated that she would ask the assessor of income tax to work with the Department of Social Care to review the future of the system.

Anne Craine has said she has given thought to how the tax system could facilitate the renting of rooms – which would then assist those on fixed incomes and increase the supply of rental accommodation.

The Income Tax Division has issued the consultation documents payment of the personal allowance credit and tax relief for letting a room in your home – to outline how such a scheme may be introduced in a future budget.

The purpose of the payment of the personal allowance credit consultation is to provide detail on the background and operation of the personal allowance credit, propose a range of options for changing the current system and seek views and comments on those options and on alternative approaches.

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 on it.

Anyone wishing to submit their views on the consultation topics is invited to do so by October 31 2011.

For more information visit: http://www.gov.im/treasury/incometax/consultations.gov?menuid=16916&type=current