Isle of Man: Budget 2009 – Taxation changes from April 2009

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The following taxation measures for the 2009/10 tax year were announced by the Minister for the Treasury in his Budget speech on 17 February.

No increases are proposed to the personal allowances and income tax rates that are in force for 2008/09.
Personal allowance credit (PAC) for resident individuals

• upper income point, increased from £8,850 to £9,200
• maximum credit, increased from £500 to £550
• all amounts and limits are doubled for jointly-assessed married couples

Jobseeker’s Allowance

• payments are no longer classed as taxable income with effect from 6 April 2008

Commutation of Trivial Pension Funds

• The trivial commutation limit for pension funds increases from £16,500 to £17,500 for the year of assessment commencing on 6 April 2009 and to £18,000 for years of assessment commencing on or after 6 April 2010, in line with the limit set in the United Kingdom.

Further information:
Budget 2009 – Income Tax Proposals

This entry was posted on Monday, March 2nd, 2009 at 04:59 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.