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Isle of Man Budget 2024


Maugholdmafia

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8 minutes ago, Non-Believer said:

This is where not having opposition politics is highlighted.

Has anybody stood up and criticised yet, let alone voted against? We have an executive that is unrestrained and no checks and balances.

Thomas, Glover, Moorhouse, Christian, Wannenburgh and Watterson voted against and criticised the budget.

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3 minutes ago, Moghrey Mie said:

Thomas, Glover, Moorhouse, Christian, Wannenburgh and Watterson voted against and criticised the budget.

So five out of 24 plus Speaker (?) and most of the remainder won't even understand most of it, other than their own Departmental allowances? 

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16 minutes ago, Moghrey Mie said:

Thomas, Glover, Moorhouse, Christian, Wannenburgh and Watterson voted against and criticised the budget.

Surprised the Manx labour ladies voted for this.  Or have they been effectively silenced by accepting a treasury and health role?

Be interesting to hear Stu's comments on why he voted yes. Or perhaps he decided to jump on the gravy train rather than stop it?

 

Screenshot_2024-02-20-16-49-02-27_e2d5b3f32b79de1d45acd1fad96fbb0f.jpg

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2 minutes ago, cissolt said:

Surprised the Manx labour ladies voted for this.  Or have they been effectively silenced by accepting a treasury and health role?

Be interesting to hear Stu's comments on why he voted yes. Or perhaps he decided to jump on the gravy train rather than stop it?

 

Screenshot_2024-02-20-16-49-02-27_e2d5b3f32b79de1d45acd1fad96fbb0f.jpg

Oh I think we have already established that he’s one of the boys now. Sorry Stu. I know you will disagree and say it’s not easy as backbencher yada yada but actions (or lack thereof) speak louder than words. 

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2 hours ago, CallMeCurious said:

We'll all be wearing NHS Levy badges and have to renew them each year like vehicle licensing. You'll have to give them your badge number to make a doctors appointment and have it scanned as you enter the building.

Of course it'll have different bands for weight, smoking, drinking etc. 

If you get into arrears it'll be the Solyent Green solution out back. 

Well done! I was waiting for someone to name or spot the intent. A card renewed annually for everyone who can prove they live here - that should get the administration  numbers up further. A centralised system for appointments, prescriptions etc..........no card you get "nada"..........with a card you can also get "nada". It's cloning the Gibraltar Health Authority system..........see it here at www.gha.gi

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12 minutes ago, Spyk3r said:

I had a quick look at this and I think it is great! The only comment I have is that the NI/Tax split doesn't look right. Keep in mind that you don't pay any NI on the first £6,396 (Per annum) and then it is 11% up to £44,928 and £48,780 for 25/26. Thereafter it is 1% on the amount above £44,928 (25/ £48,780).

 

So if you do a calculation on your total for a Salary of £45,000 -  the correct taxation is £8,704.02 and NI is £755.21 making the total £9,459.23. In your calculator it shows £5450 for tax and £4113 for NI, so whilst the totals are similar, they split doesn't look right. - This example is based on Filing singly and no other changes - So a standard 1450F Tax code (Kids/NI Holiday etc)

Hi thank you so much for taking a look, I'm still a bit confused though. The first £6396 you refer to is the £533/month lower earnings limit (LEL) I think?. On the https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/national-insurance-contributions/rates-and-thresholds/ it states that Employee's primary rate of NI (11%) is between the primary threshold and UEL. The primary threshold is £694 monthly or £8328 yearly. We apply the 11% between the primary threshold and the UEL. We also apply 1% above the upper earnings limit of £4,065 monthly (£48780) yearly. For an income of 45,000£ it would be:

£45000 - £8328 = £36672
£36672 * 0.11 = 4034

I find national insurance classes to be pretty confusing. Where do you start paying national insurance as an employee? is it the LEL or the primary threshold? I've tried to validate our numbers by matching: https://www.locate.im/relocating/world/tax-and-ni/income-tax almost exactly in 23/24 (except for 1 pound rounding differences).

"So if you do a calculation on your total for a Salary of £45,000 the correct taxation is £8,704.02 and NI is £755.21 making the total £9,459.23."
So what we have for 23/24 is: 
£45 000 - £14500 = £30500 left
£6500 * 0.1 = £650 tax
£30500 - £6500 = £24000 left
£24000 * 0.20 (23/24) = £4800 tax
£4800 + £650 = £5450. This number also appears on the locate.im site.
For 24/25 it would be £24000 * 0.22 + £650 and the total would be: £5930

Could you show me where I'm going wrong here?

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So someone on 30k and a standard tax allowance with no mortgage etc is now paying £3.46 a week more in tax.

I am not sure some of those ranting on here really understand what has changed?

Someone on 40k pays an extra £7.30 a week  a pound a day.)

50k a year means you pay and addition £11.15 a week.

Having a mortgage or car loan brings those figures down.

Edited by CrazyDave
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3 minutes ago, CrazyDave said:

So someone on 30k and a standard tax allowance with no mortgage etc is now paying £3.46 a week more in tax.

I am not sure some of those ranting on here really understand what has changed?

Someone on 40k pays an extra £7.30 a well (less than a pound a day.

50k a year means you pay and addition £11.15 a week.

Having a mortgage or car loan brings those figures down.

Less than the price of a pint - cool - cheers Stu.

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3 hours ago, Hairy Poppins said:

It's fucking scary that they've increased standard rate by 10% and still draw £98m from reserves just to keep the lights on.

This hasn’t happened though has it.

4 minutes ago, x-in-man said:

Less than the price of a pint - cool - cheers Stu.

Its fact and probably needs pointing out when you have people posting nonsense like the above, nobody correcting them, and other people liking the post.

Unless I have misunderstood?  I have only skim read having been busy all day.

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22 minutes ago, Amadeus said:

Oh I think we have already established that he’s one of the boys now. Sorry Stu. I know you will disagree and say it’s not easy as backbencher yada yada but actions (or lack thereof) speak louder than words. 

Respectfully, your political commentary is completely irrelevant until you come around and personally empty my bins. 

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11 minutes ago, CrazyDave said:

£7.30 a week (less than a pound a day )

I’m glad you’re not Treasury minister, but I’d love to see you explain how £7.30 per week is less than a pound a day…

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