Isle of Man: Tax measures in 2025 / 2026 budget

Proposed reduction in individual income tax rate

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February 19, 2025

The Treasury Minister delivered the 2025 / 2026 budget speech which included the following proposed tax measures:

  • Reduction in top individual income tax rate from 22% to 21%
  • Increase in individual (personal) allowances to £250 for single persons and £500 for jointly assessed couples
  • Changes to Class 1 employees’ national insurance contributions
  • Increase in maximum annual income tax liability for those electing to be “tax-capped” from £200,000 to £220,000

Read a February 2025 report prepared by the KPMG member firm in the Isle of Man

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