Treasury owed £18m in Income Tax

More than £8 million of the debt is more than a year old

Treasury is owed more than £18 million in outstanding Income Tax payments.

As of the end of 2023’s financial year, £8.2 million had been outstanding for more than a year.

Meanwhile debt less than a month old stood at £1.6 million.

Over the past three fiscal years just over £1 billion was generated from income tax receipts.

• 2020/21 - £237.7 million
• 2021/22 – £243.4 million
• 2022/23 - £276.3 million
• £2023/24 - £324.9 million (unaudited)

Debt can be outstanding for a number of years and includes debt in the hands of the coroners.

In comparison, since 2014, Income Tax has generated around £2.4 billion.

In response to a written Tynwald question, tabled by Onchan MHK Julie Edge, Treasury Minister Alex Allinson said: “When a taxpayer does not pay Income Tax by the due date, a reminder and subsequently a final demand is made. If payment is not received the case is referred to the Debt Collection Team.

“This team will attempt to agree a fair and affordable solution for the taxpayer to repay the debt owed.

"In a small number of cases where agreement cannot be reached the team will issue a warrant to the coroner.”