20 February 2025
The Isle of Man budget for 2025/26 is out, you can read it here as well as look at the supporting documentation.
Here are they key things you need to be aware of if you operate a payroll in the Isle of Man:
- The higher rate of income tax is to be reduced from 22% to 21%
- The personal allowance will increase from £14,500 to £14,750, with jointly assessed couple increasing to £29,500
- A consultation on a healthcare levy will be launched this year to address rising healthcare costs
- The Lower Earnings Limit (LEL) will increase from £123 to £125 per week
- The Primary and Secondary Thresholds will increase from £160 to £168 per week
- The Upper Earnings Limit will increase from £938 to £1,032 per week
- The National Insurance Holiday Scheme for returning students will continue.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.