RATES 1999/2000 1998/1999
Companies (15% on first £100,000 of profit) 15%/20% 20%
Non-residents 20% 20%
Individuals:
Standard rate band - single £9,900 £9,500
- married £19,800 £19,000
Standard rate 15% 15%
Higher rate 20% 20%
ALLOWANCES
Single person £7,350 £7,070
Married couple (transferable between spouses) £14,700 £14,140
Blind person's relief/
Severely disabled person's allowance £2,020 £1,940
Single parent (in receipt of one parent benefit) £5,035 £4,840
FEES
Exempt Companies £400 £400
International Business Companies £1,200 £1,200
Exempt Insurance Companies £2,500 £2,500
Non-resident Company Duty (from 1.6.99) £775 £750
NATIONAL INSURANCE CONTRIBUTIONS
Year ended 5 April 2000
Class 1
Weekly Pay Employees' contributions Employers' contributions From To 0 66.00 Nil Nil 66.01 83.00 10% on excess over £66 Nil 83.01 500.00 10% on excess over £66 12.2% on excess over £83 500.01 + No further contributions payable 12.2% on excess over £83
Class 2
Weekly rate: £6.55 (small earnings exemption: £3,770)
Class 3
Weekly rate: £6.45
Class 4
6% on profits between £7,530 and £26,000.
NOTES
1. Reduced rates of Class 1 contributions, for both employers and employees, are applicable in respect of contracted out employees on earnings between £66 and £500 per week in 1999/200.
2. The Class 4 (earnings related) contributions are allowable as a deduction from the individual's total income for income tax purposes.
For any further information on the Budget or any matters relating to taxation please telephone Bruce Taylor or Nicholas Williamson on 672332.
This note has been produced as a briefing paper on the 1999 Manx Budget. It is written in general terms and should not therefore be relied upon in isolation. Professional advice should always be sought in making decisions in respect of taxation matters.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
To receive further information please contact:
Deloitte & Touche PO Box 250 Grosvenor House 66-67 Athol Street Douglas Isle of Man IM99 IXJ Tel No: +44 (0) 1624 672332 Fax No: +44 (0) 1624 672334 E-mail: Click Contact Link Website: Click Contact Link