Treasury Minister asked if system is working as intended
The number of residents on the Isle of Man who qualify for the tax cap has gone down over the past five years.
In the 2023/24 financial year, 58 people registered for the cap of £200,000 per year, compared to 73 in 2019.
In 2013/14, before a change in the rules surrounding tax caps, there were 87 people registered.
In the House of Keys today (12 March) Treasury Minister Alex Allinson was asked if the system is working:
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Letters delivered to those affected, says DOI