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Tax cappers' economic input weighed

Policy works but always under review - Cannan

The treasury minister says he is keeping under review the Island's tax cap policy - whereby the income tax paid by wealthy individuals is limited to £125,000 per year.

Alfred Cannan was asked by Douglas North member David Ashford if the policy's effectiveness was monitored.

Ramsey MHK Lawrie Hooper suggested eligibility for the perk be limited to those who make a significant contribution to the Manx economy.

The cap was introduced in 2006 to attract wealthy entrepreneurs to the Island, to generate spending and jobs.  

The minister said all tax policy is kept under review as part of the budgetary process - and in the 2014-15 tax year, half of those claiming tax cap relief had invested heavily in the Island:

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