BUDGET: Personal tax allowance to rise

Ability to earn more money before being taxed

The personal tax allowance on the Isle of Man has been raised meaning people will be able to keep more of the money they earn.   

It's going up by £250 – to £14,500 – for individuals.  

This is expected to lift around 300 people out of the tax net and reduce Income Tax by up to £50 for individuals.  

The allowance increases by £500 – to £29,000 – for those who are jointly assessed.  

This is expected to reduce income tax by £100 for those who are reviewed together.  

The brackets have been altered as part of the 2022 Budget which was delivered in Tynwald today.  

Treasury says targeted increases are also being made to benefits and allowances for parents, carers, pensioners and people with disabilities.  

How does the 2022 Budget affect you? Click HERE to find out more.