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Isle of Man plans tax rises to plug hole
Offshore financial centre the Isle of Man is planning to raise taxes and cut spending in a new Budget announced after the UK government reclaimed £140 million in annual tax receipts.
The island's low-tax, high-welfare model may need to change in the years to come, after it was revealed that government spending must fall by £49 million by 2015 and income tax for higher earners needs to rise to 20 per cent.
Additionally, measures such as mortgage interest relief will need to be scaled back and the level beyond which income tax is no longer paid will rise to £115,000, which may affect the offshore tax planning of certain individuals.
"This is a Budget that paves the way for change while maintaining support for the least well-off in our society," said Isle of Man treasury minister Allan Bell.
The Isle of Man recently announced that the green light has been given for the major restructuring of its government, which will take effect from April 1st.
Posted by Jon Cummins.
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