BUDGET: Budget 2022

At a glance...

The Isle of Man's Budget for 2022 has been unveiled.

Treasury Minister David Ashford delivered it to Tynwald this morning.

It's the first Budget of the new administration, following last September's general election, and the first to seek to implement the principles of the Our Island Plan.

The Budget ... at a glance:
 
Personal Allowance:

• Increasing by £250 to £14,500 for individuals – something which will reduce income tax by up to £50

Benefits: 

• Basic state pension, additional pension, Manx State Pension will all rise by 3.1 per cent – around 19,000 pensioners will see their state pension increased
• Child Benefit and Employed Person's Allowance will both increase by 5 per cent 
• Carer's Allowance will rise by 15 per cent – which will benefit around 550 carers
• Attendance Allowance, Disability Living Allowance and Income Support for disability and disabled child premiums will rise by 5 per cent
• Income Support carer premium to increase by 26.4 per cent
• Nursing Care Contribution to increase by 3.1 per cent 

Other: 

• £42 million for climate change across revenue and capital budgets
• £16.68 million for new services and growth funding for Manx Care – to develop the 111 service long COVID/ME service as well as palliative care and the air ambulance service
• £2.74 million for additional education needs provision 
• £1.2 million to support the return of the TT and MGP
• £314,000 for the running costs of a Sexual Assault Referral Centre
• £485.3 million for the five-year capital investment programme 
• £10 million to support recovery from the pandemic
• £2 million to support the work of the Housing and Communities Board
• £7 million for the Healthcare Transformation Fund to support ongoing implementation of recommendations made in Sir Jonathan Michael's report
• TT Homestay concession to become an income tax allowance – tax free amount increasing to £2,350

How does the 2022 Budget affect you? Click HERE to find out more.