Tuesday, 20 February 2024

Isle of Man budget 2024 changes

psimonparsons

February 21

Sustainable finances and long-term stability were the key themes when Treasury Minister Dr Alex Allinson MHK unveiled his second Budget in the Isoe of Man Tynwald on Tuesday 20th February 2024.

What are the payroll changes - Income Tax

The higher rate of personal income tax will rise from the current 20% to 22% from 6th April 2024, with the additional income — forecast to be worth up to £20m — being ring-fenced for the Island's healthcare services.

A new benefit-in-kind calculation for cars provided by an employer to an employee for private use will primarily be based on CO2 emissions and the list price of the car. The benefit-in-kind calculation in respect of fuel will also be aligned with the car's CO2 emissions

Click to access pn-223-24-benefit-in-kind.pdf

The income tax personal allowance will remain at £14,500 for a resident individual and £29,000 for a jointly assessed couple

National Insurance

The primary and secondary threshold for Class 1 National Insurance contributions will be increased by 10% to £160 per week
The upper earnings limit for Class 1 National Insurance contributions will be increased by 8.5% to £938 per week.