Following the announcement of the 2010-11 Budget this morning (16th February), the Isle of Man Government Treasury has released a breakdown of Tax and National Insurance charges, and how they will affect different incomes:
- For a single person on average earnings of around ?30,000, taxes will rise by ?429 per annum, or ?35.73 per month.
- For the lowest 10% of earners (those earning below ?15,000 per annum), tax rises will cost up to a maximum of ?83 per year or ?7 a month.
- Those earning below ?9,300 per annum will receive an additional ?100 via the Personal Allowance Credit that will more than offset any increase in National Insurance.
- For the highest 10% earners (those earning over ?50,000 per annum), tax rises will cost a minimum of ?1,029 per annum, of ?85.73 per month.
- A single person on ?100,000 per annum will pay an additional ?2,529 or ?210.75 per month.
- Half of all employees will see rises below ?23.25 a month (?279 a year), based on median earnings of ?25,000 per annum.
- Tax rises make up just under one quarter of the revenue shortfall in respect of 2010-11, with more than three quarters found from reduced spending or use of reserves.
