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Isle of Man Budget 2024


Maugholdmafia

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42 minutes ago, Jarndyce said:

Sense or not: it does sound like an early start to a campaign.

His LinkedIn page is bereft of any detail: educational or professional qualifications. Is he an economist? Almost 39 years in one government department would lead you to think that he would have an in depth knowledge of how things work in Treasury and in wider government. Of course he seems to be pushing all the right buttons and I'd agree he's made an early start to his campaign.

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16 minutes ago, Andy Onchan said:

His LinkedIn page is bereft of any detail: educational or professional qualifications. Is he an economist? Almost 39 years in one government department would lead you to think that he would have an in depth knowledge of how things work in Treasury and in wider government. Of course he seems to be pushing all the right buttons and I'd agree he's made an early start to his campaign.

There is nothing on LinkedIn as he was in IOMG for 40 years then early retired. The main issue with him is that he comes across as a bit odd. He’s actually an incredibly bright bloke but probably comes across on peoples doorsteps as a bit weird (in a boffiny way). He knows government finances inside out though and would actually be a great MHK. He needs to build up his online presence a lot more and not rely on so much door knocking. 

Edited by Interested Reader
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16 hours ago, Mr Helmut Fromage said:

He’s average at supplying logo pens and branded calendars- he’s below average at putting on sporting events and he’s below average bench marking against Wanenburgh siblings.

What would you expect from him as an MHK 

Basically he doesn’t really give a crap about upsetting people which makes him a good MHK in my book. 

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20 hours ago, TheTeapot said:

Anyone mentioned the potential knock on impact on second jobs? Annoyance has been frequently expressed about the 20% on it as was, it might only be a small rise but could potentially mean taking a second job for pocket money becomes even less desirable.

The current instructions are set out on page 8 of the tax office's Employer Guide. I don't recommend it as a read unless you have insomnia! It's GN46 on this list https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/tax-practitioners-and-technical-information/guidance-notes/

A new employee in a subsidiary employment should be on code SB (standard band up to £6500 pa thereafter at the higher rate) until the employer hears otherwise from the tax office. 

Once the tax office are aware of the employment they'll look at the overall circumstances of the worker and decide whether SB is correct or should it be replaced with something else. Overall the amount of tax charged is going to be the same, but someone with a second job can choose to pay more at their main job and pay nothing at the little one. 

You're quite right that the higher rate can make a second job less attractive, but a letter, email or phone call to the tax office can get it changed to suit the preference of the worker.

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1 hour ago, Omobono said:

will the last person to leave please put out the lights !  never heard anything more stupid in my life 

IMO "They need to start taxing second properties, capital and death, rather than income" is a very sensible proposal.

 

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9 minutes ago, Interested Reader said:

There is nothing on LinkedIn as he was in IOMG for 40 years then early retired. The main issue with him is that he comes across as a bit odd. He’s actually an incredibly bright bloke but probably comes across on peoples doorsteps as a bit weird (in a boffiny way). He knows government finances inside out though and would actually be a great MHK. He needs to build up his online presence a lot more and not rely on so much door knocking. 

What he's saying now is really no different to what he was expounding back in 2021, so at least he's consistent!

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14 minutes ago, GD4ELI said:

IMO "They need to start taxing second properties, capital and death, rather than income" is a very sensible proposal.

 

It is. It taxes those living off the hard work of others rather than taxing the people doing the work. Much more sensible.

Which is why it wont happen of course.

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5 hours ago, 2112 said:

Whilst you raise good points, the areas of CGT and IHT are the very reasons why wealthy people come to reside on the island. 
 

 

You mean greedy

I really don't know what these so called wealthy people do with their money.  Can't take it with them. If they like living here and contribute to the life and soul of the island then great, they're very welcome.  But do we really want people who are simply here for tax avoidance purposes? 

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1 hour ago, Gladys said:

We thought that about a number of candidates.

Exactly. How many have we had put into the office in the past on promises of being "boat rockers" only to have them quickly stifled or U-turn faster than a greased weasel once they realised that there would be no mileage in it?

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26 minutes ago, wrighty said:

You mean greedy

I really don't know what these so called wealthy people do with their money.  Can't take it with them. If they like living here and contribute to the life and soul of the island then great, they're very welcome.  But do we really want people who are simply here for tax avoidance purposes? 

anybody chucking 125k a year into treasury isn't going to fall into the 'not wanted here' category anytime soon.

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