On 14 August 2015, the Isle of Man Income Tax Division of the Treasury launched a public consultation on a number of measures to reduce the tax burden on lower income individuals and simplifying the administration of individual income tax overall. The measures are to apply from the 2016/2017 tax year, and include:
- Removing the 10% rate band for individual income tax;
- Increasing the personal allowance to GBP 14,000 (GBP 14,750 if revenue receipts allow);
- Removing the individual tax return fi…