On 18 February 2020, the Isle of Man Treasury Minister Alfred Cannan delivered the Budget for 2020-21. According to an overview provided by the Income Tax Division of Treasury, the main tax-related aspects of the budget are as follows:
- The income tax personal allowance is increased to IMP (GBP) 14,250 for a resident individual and IMP 28,500 for a jointly assessed couple.
- The income tax lower rate for individuals remains at 10% and the higher rate at 20%.
- The threshold at which the highe…