Isle of Man: Budget 2009 – Taxation changes from April 2009Monday, March 2nd, 2009
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
- 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.
Budget 2009 – Income Tax Proposals
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