No payroll surprises (yet) for the payroll changes from the Isle of Man Budget 2021 held Tuesday 16th February 2022.
Income tax remains unchanged
In the Isle of Man budget 2021 information, it is stated that the LEL (marked with * below) ‘that these figures will not be announced until after the UK Budget and will be subject to approval by the Tynwald in March’. The Upper Accrual Point is no longer applicable. The UK values for the Lower Earnings Limits has not been changed.
Following the Budget, the Income Tax Division of Treasury published the following Practice Notes:
The PAYadvice Legislation Update 2021 has been updated to reflect the latest information available. Version 21.3 is available. If you want a copy click on the following picture:
PAYadvice.UK 16/2/2021 updated 20/2/2021