Up £40.8 million against budget
Central Government's summary management accounts for 2025/26 have produced an unexpected bonus for Treasury.
A significantly higher than expected tax take means it’s up £40.8 million against the budget.
This was driven largely by income tax receipts significantly exceeding budget across all areas, including individual tax, company tax and ITIP/subcontractors.
However employee and other operating costs were higher than budget.
A number of government departments used internal fund claims to supplement revenue spending enabling overall budget targets to be met.
The Department of Health and Social Care required a £19 million Tynwald supplementary vote.
The Department of Education, Sport and Culture ended the year £1.9 million under budget.
You can view the full accounts HERE.
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