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Fear over effect of rise in company property tax

 

Budgets can be relied on to give with one hand and take with another, through welfare benefits and taxation.

Some gain, some lose.  

Treasury minister Eddie Teare says in 2015 he has presented a 'Goldilocks Budget' - offering a fair deal all round.

A lowering of eligibility to child benefit will see more claimants means-tested, but full-time carers will be much better off, thanks to a near doubling of Carers Allowance.

Mr Teare has not altered individual thresholds for income tax or changed the lower and higher rates of taxation.

The zero-ten corporate taxation strategy is also untouched.

But an additional £3m per year is expected to be raised through a doubling to 20% of the tax rate levied on companies on income from local land and property.

Among those facing higher tax bills as a result are private sector rental companies.

It's a move which concerns Mec Vannin's Mark Kermode.

Speaking on Manx Radio's Tilly Budget Special programme, he said he was very concerned the extra cost will be passed on to tenants.

At a stroke he claimed, it could wipe out any gains made in the Budget by lower paid people in the rented housing sector:

 

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