Treasury responds to UK Autumn Statement

The Treasury has today noted the contents of the UK Autumn Statement delivered by Chancellor John Healey MP while looking ahead to the Isle of Man Government’s annual Budget to be announced in February 2027. Treasury Minister Michael Crowe MHK said: ‘Treasury is reviewing the measures announced today by the UK Government to understand where there may be implications for the Isle of Man. As we look towards the Isle of Man Budget in February 2027, our priority is to strike the right balance between supporting people and businesses today and maintaining strong, sustainable public finances for the years ahead.’ In accordance with the Autumn Statement, the Isle of Man will extend the reduction in the VAT rate from 5% to 0% on domestic electricity supplies. Introduced on 1 October 2026 and due to run until 31 March 2027, the measure will remain in place until 30 June 2027. In accordance with the Customs and Excise Agreement with the UK, the Isle of Man will continue to apply the cut in fuel duty by 5p per litre until 30 June 2027. A reduced duty rate for red diesel, introduced on June 15 until the end of the year, will also be extended to 30 June 2027.

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