A number of decisions outlined by Reeves will apply directly through the Isle of Man’s shared customs and excise agreement with the UK. <\/p>\n
Some immediate changes have already been made, however, including a rise by the Retail Price Index (RPI) plus 2% in duty rates for tobacco products. <\/p>\n
Rates for alcohol are also set to increase on 1 February, in line with the RPI measure of inflation in the UK.<\/p>\n
Also as a result of the shared agreement, fuel duty on the island will continue to be cut by 5p per litre until September 2026.<\/p>\n
Other key considerations are around National Insurance (NI).<\/p>\n
The island has its own National Insurance scheme and fund, which totals more than \u00a31bn and pays for islanders’ pensions and other benefits.<\/p>\n
While the UK is freezing NI thresholds until 2031, Allinson said he hoped to increase them “so that the tax burden on the low paid is reduced”. <\/p>\n
Allinson said NI changes in Westminster could still affect Manx residents “who perhaps are paying National Insurance contributions because they spent some time in the UK and can therefore get a UK pension”.<\/p>\n
He said the UK was “going to crack down and increase the cost of that”.<\/p>\n
“We need to work with the UK to make sure that Isle of Man residents have the same benefits from some of the reciprocal agreements as the people on the adjacent isle,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"A number of decisions outlined by Reeves will apply directly through the Isle of Man’s shared customs and…\n","protected":false},"author":2,"featured_media":288583,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-288582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/288582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=288582"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/288582\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/288583"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=288582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=288582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=288582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}