The Isle of Man’s Income Tax Division has said it is to issue new 2020/21 tax codes to employers.
Last month’s budget provided for an increase in income tax personal allowance thresholds for the 2020/21 tax year. The allowance for a single person will increase from GBP14,000 (USD17,177) to GBP14,250, and the allowance for jointly assessed couples will rise from GBP28,000 to GBP28,500.
The Income Tax Division will notify employers of all changes to their employees’ tax codes. If the only change to an employee’s tax code is as a result of the threshold rise, a coding notice (form T1) will not be issued to the employee.