Personal tax rates stay the same

Income tax and personal allowance rates are unchanged for the forthcoming financial year.

The standard and higher income tax rates will remain at ten per cent and 20 per cent respectively, while the allowances will again be £9,300 for individuals and £18,600 for couples.

The personal allowance credit is to rise from £650 to £700 for individuals.

Again, that figure doubles for couples.

Another significant figure is a £7.5 million increase in net spending on health.

Anne Craine made the announcements during her 45-minute budget speech to Tynwald today (Tuesday).

During her conclusion, Mrs Craine said there was still much to be done: