High earners will have to sign up to a five-year tax agreement under new plans unveiled in this year’s Budget.
The current income tax cap for people whose income exceeds £600,000 a year is a maximum of £120,0000.
However, under the new proposals anyone who wants to take advantage of this must sign up to it for five years – at a cost of £600,000.
Treasury Minister Eddie Teare says it will give government more certainty of its income:
Yacht club worries over lifeboat retirement
A yacht club based in the south of the Island says it has reservations about Port St Mary losing one of its lifeboats.
One nuisance cyclist ticketed in more than three years
Douglas Council says it's had 13 complaints about cyclists in almost four years.
New ministerial post created by chief minister
The Isle of Man has a new ministerial job - and a minister to go with it.
Huge floating book fair to arrive in Douglas next month
The world's largest floating bookshop will be in Douglas for almost a fortnight next month.
Stay safe for Hop Tu Naa tonight
Police are asking trick or treaters to make sure they can be seen tonight.
Special Olympics fundraiser needs you
A organisation for athletes with learning disabilities has raised more than £17,000 to compete at a global competition in Chile next year.
Peel ready for bonfire and fireworks later
Peel kicks off the Island's bonfire night fun tonight with its fireworks display.
Government: "UK never told us about child murderer"
The government says it'll write to the UK demanding to know how a convicted child murderer ended up living on the Isle of Man.
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