The Isle of Man 2016-2017 Budget was approved on 17 February 2016. The Budget maintains unchanged the headline income tax rates of 10% and 20%. Salient features include: A £1,000 increase in individual’s income tax personal allowance, to £10,500; The 10% income tax band is retained but will apply to the first £8,500 of an individual’s taxable income, instead of the current £10,500 limit; A new Land Development Tax Holiday offering income tax exemption for up to five years for new commercial developments; and A (yet to be defined) penalty will be introduced for those found to have avoided Manx...