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Isle of Man facing financial problems?

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Isle of Man facing financial problems?

Post  Keela on Thu 14 Jul - 16:13

On the news this morning there was an article about the Isle of Man saying that their local government monies would be short following a reduction in the amount of VAT paid to them by the UK. Can anyone tell me why we are paying VAT monies to the Isle of Man.
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Re: Isle of Man facing financial problems?

Post  Badboy on Thu 14 Jul - 16:48

LET THEM LEVY INCOME TAX!
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Re: Isle of Man facing financial problems?

Post  Chris on Thu 14 Jul - 19:12

Keela wrote:On the news this morning there was an article about the Isle of Man saying that their local government monies would be short following a reduction in the amount of VAT paid to them by the UK. Can anyone tell me why we are paying VAT monies to the Isle of Man.

The IOM and the UK have a customs area agreement whereby VAT receipts and some other duties are pooled and then shared out by an agreed formula.
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