2016-17 Budget Breakdown

What you need to know: 

• No changes will be made to income tax rates, Personal Allowance Credit or the 'Tax Cap'. 
• 2,000 people won't have to pay tax and another 19,000 will see reduced bills due to a £1,000 increase in personal income tax allowance to £10,500.
• The 10 per cent income tax band will stay but will only apply to the first £8,500 of a person's taxable income, instead of £10,500. 
• A government bond is being proposed to offer secure investment opportunities for people. 
• Basic state pension will rise 2.9 per cent - however there'll be no change to the Manx Pension Supplement. 
• There's a new penalty for Manx Income Tax avoiders 
• It's proposed that the Enterprise Development Fund will cost £10 million a year for five years - which will be funded from the reserves. 
• New commercial land developments will be given an income tax exemption for up to five years. 
• A further £23 million is being ploughed into a capital programme - including construction and engineering works worth £71 million.  
• There's a suggestion that a £5 million contingency fund be made available in extenuating circumstances - like bad weather.