Lobby group calls for additional income tax revenue to be returned to residents

A lobby group on the Isle of Man is calling on government to return the extra revenue received through Income Tax over the past financial year to residents.

Earlier this month Treasury published the Central Government Summary Management Accounts showing that an additional £21.3 million was brought in during 2024/25.

It says this was due to factors such as higher interest rates benefiting savers and the real growth in earnings.

Reacting to that news, the Manx Tax Payers Alliance has released a petition calling for the government to return the extra revenue, which it says equates to around £473 per income tax payer on the Island.

The money, according to member Michael Josem, can 'go towards helping residents with rising energy bills, extra support for groceries and boost people's savings among others'. 

"The Government says that the extra tax was collected “due to factors such as high interest rates“. This extra tax should be given back to the people who paid it." - Michael Josem

He adds for the campaign to succeed, all taxpayers across the Island needs to stand together:

You can find a link to the petition HERE.

Treasury Minister Alex Allinson will respond to the petition live on Manx Radio Breakfast this morning.