Isle of Man Treasury Minister, Allan Bell has warned that the changes to the upper earnings limit announced by UK Chancellor Gordon Brown in his budget speech last week could have the largest potential impact of the budget on the jurisdiction.
Commenting on the budget announcement, Bell said: "We will need to determine whether this increase is covered by the Reciprocal Arrangement on National Insurance, which would result in its automatic introduction here, and if this proves to be the case, it will generate several million pounds of potential additional income from 2008-09, which will need to be fed into our future budget calculations.”
He added:
“The Chancellor has increased duty on Beer, Cider, and Cigarettes in line with inflation, but there is no increase in duty on Spirits, and a deferred increase in Fuel Duty, to come in from October 2007. These were broadly in line with my projections for 2007-8.”
Bell concluded:
“We always study the detail which accompanies the Chancellor’s statement. There are announcements in respect of film and offshore funds, to which we will pay particular attention.”
The effect of the various changes is estimated to have no material impact on the Manx Retail Price Index.
A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
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