Part IRate of Tax and Allowances

1 Standard Rate of Manx Income Tax

(1)There shall be raised, levied, and collected an income tax upon the profits and gains of all individuals and bodies corporate resident in the Island.

(2)The standard rate of Manx income tax shall be four shillings and threepence (4s. 3d.) in the pound.

2 Personal Allowances

The personal allowances deductible before calculation of taxable income shall be:

(a)for a single individual, £20;

(b)for a married man maintaining his wife, £35;

(c)for each qualifying child under sixteen years of age, £10.

Part IIAdministration

3 The Assessor of Income Tax

The Governor shall appoint an Assessor of Income Tax who shall be charged with the assessment, calculation, and recovery of tax under this Act.

Part IIIGeneral

4 Citation

This Act may be cited as the Isle of Man Income Tax Act.