On Air Now Tony James 3:00pm - 6:00pm Email
Now Playing Rhythm Of The Night Debarge Download

Wealthy tax cap provides 1,100 jobs and £22 million a year, says minister

Treasury Minister Alex Allinson says he doesn't know how much benefit there is to letting wealthy people cap their income tax - but it could amount to £114 million over five years.

He faced a question from Ramsey MHK Lawrie Hooper about the caps, which means the ultra-rich can set a limit on their tax payments.

Dr Allinson said in 2023, 58 people elected to cap their tax - and were thought to have secured 1,100 jobs on the Island and brought £22.8 million to the Isle of Man.

He says that figure doesn't include how much rich people contribute to VAT by spending money on the Island.

More from Isle of Man News

Recently Played

Listen Live Listen