Isle of Man’s parliament (the Tynwald) enacted the Income Tax Act 2009 on April 21, 2009. The bill brings into force measures proposed within the Isle of Man’s 2008 budget as well as implementing tax information exchange agreements signed with the Nordic territories and Ireland.
The introduction of an age allowance cost the Isle of Man treasury an estimated GBP1.2m, while the change to the personal allowance credit calculation cost an estimated GBP1.4m. Additional revenue of around GBP1.2m will be collected from the repeal of life insurance premium relief, while the retraction of training relief is likely to generate around GBP10,000 additional revenue.
The changes to the taxation of car and fuel benefits will simplify administration and are based on the environmental impact of the car. Although not intended to increase revenue, the new rates could generate a revenue increase if employees do not change to cars with reduced cylinder capacities. The other measures in the Bill are not expected to increase the expenditure of government or to reduce its income.
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