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Raising taxes by 1% could raise £10m

Oddagh bishaghey keesh liorish 1% cosney £10m

Oddagh bishaghey cosoyley rish ayns Urryssaght Ashoonagh cosney £17.8m 

Oddagh bishaghey keesh liorish ping cosney £10 millioon elley 'sy vlein da'n reiltys, rere y Chirveishagh Tashtee.

Va Alfred Cannan cur freggyrt da feysht ayns yn Chiare as Feed liorish Oltey yn Chiare as Feed ass-lieh Doolish Yiass Kate Beecroft.

V'ee geearree toiggal cre veagh yn eiyrtys er cheet stiagh y reiltys jeh bishaghey 1% er rateyn keesh cheet stiagh as er urryssaght ashoonagh.

Oddagh cur y boandey sinshley 10% gys 11% gientyn wheesh as £2.8 millioon, dooyrt eh, as yn un vishaghey er y voandey syrjey 20% £7.1 millioon.

Myr co-heks, veagh shen bunnys dy liooar son ny va ceaut rour 'sy vlein ayns Thie Lheiys Noble.

Oddagh bishaghey cosoyley rish shen ayns toyrtyssyn yn Urryssaght Ashoonagh cur wheesh as £17.8 millioon ayns cheet stiagh elley. 

 

Similar rise in NI could yield £17.8m
 

Raising taxes by a penny could bring government an extra £10 million per year, according to the Treasury Minister.

Alfred Cannan was responding to a question in the House of Keys from South Douglas Member of the House of Keys Kate Beecroft.

She wanted to know what effect a 1% increase on income tax rates and national insurance contributions would have on government revenue.

Bumping the lower 10% band to 11% would generate up to £2.8 million, he said, and the same increase on the higher 20% band £7.1 million.

For context, that would almost be enough to cover a year's overspend at Noble's Hospital.

Similar increases to National Insurance contributions could also raise up to £17.8 million in additional income.

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