Treasury Minister comments on UK Budget

Eddie Teare said this had numerous implications for the Isle of Man and would affect Tynwald’s thinking over the course of the next 12 months.

 

He said there were no unexpected announcements on matters like petrol, alcohol or tobacco, although the Island would gain a small amount from the increase in the rate of tobacco duty from next year.

 

However, Mr Teare underlined some much bigger factors the Island would have to look at.

 

He pointed to the British chancellor’s tax simplification and the introduction of an increased universal state pension. 

 

George Osborne made a number of announcements in areas such as limiting child benefit for higher earners, withdrawing age-related tax allowances and simplifying state pensions that the Island will have a close look.

 

The minister admitted this has narrowed the gap between the UK’s proposed personal allowance for next year and the Isle of Man’s current personal allowance.

 

He concluded by saying he and his Treasury colleagues and staff would be working through the various implications over the next few weeks.