Isle of Man to mirror UK tobacco rises

The rates of most smoking products will increase by RPI plus two percent

The Isle of Man will increase duty rates for tobacco products from 6pm (22 November).

It's to fall in line with the United Kingdom following the delivery of the UK Chancellor's Autumn Statement today.  

On the Island: 

• The rates of most smoking products will increase by RPI plus two percent
• The rate for hand-rolling tobacco will increase by RPI plus 12 percent
• Alcohol duty rates will be frozen until 1, August 2024.

Today, the UK Chancellor also announced changes to the VAT applied to the installation of energy-saving materials, to be implemented in February 2024, and the extension of the zero rate of VAT to women’s sanitary productions from 1, January 2024.

He also increased the full new state pension by 8.5%.

The Isle of Man Government will replicate these changes.

Treasury Minister Alex Allinson has also reiterated his pledge to mirror the UK's approach to the pensions tiple lock. 

He said: "Work has already taken place to support Manx pensioners as we plan for the forthcoming financial year, with further announcements being announced in the Budget at the February sitting of Tynwald."

In relation to the changes to National Insurance paid by the self-employed he added: "These will need to be considered in light of the Social Security agreement the Isle of Man has with the UK.

"Officers will be engaging on this issue with UK counterparts, following which I will be in a position to provide an update on what Treasury's position will be concerning the possible application of these changes to the Island."