Treasury Minister Chris Thomas says most people will be £500 a year better off under new tax thresholds.
He was delivering his first budget speech during Tynwald's sitting in Douglas today.
Mr Thomas says tax thresholds for single people will rise to £17,000, and £34,000 for couples.
He said that will boost spending in the local economy:
Castletown police station could be yours... for £250,000
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Brewery advertising for operator for landmark Laxey pub
Could you run one of Laxey's best-known pubs?
Hospice cafe reopens next week after refurb
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Another one bites the gust - as Ramsey rocks cancelled
A huge live music event in Ramsey this weekend has been cancelled.
Mountain Road closed again after crash
The Mountain Road is currently closed after a crash.
Merchant Navy Day to be marked with memorial service
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Fundraiser launched for injured MGP rider
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Noel back in the saddle after handy pub pumping leaves him smiling
Noel Edmonds has thanked a pub in the north of the Island for helping out when he felt a little deflated.
