Wealthy tax cap provides 1,100 jobs and £22 million a year, says minister

Treasury Minister Alex Allinson says he doesn't know how much benefit there is to letting wealthy people cap their income tax - but it could amount to £114 million over five years.

He faced a question from Ramsey MHK Lawrie Hooper about the caps, which means the ultra-rich can set a limit on their tax payments.

Dr Allinson said in 2023, 58 people elected to cap their tax - and were thought to have secured 1,100 jobs on the Island and brought £22.8 million to the Isle of Man.

He says that figure doesn't include how much rich people contribute to VAT by spending money on the Island.