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Island to lose another £75m per year in VAT revenue

Tue, 12 Jul 2011

It's been confirmed the Island is to lose a further £75m per year in VAT revenue.

Treasury Minister Anne Craine made the announcement in Tynwald today.

The United Kingdom doesn't believe that the current arrangement for VAT sharing is fair and said it would stop it altogether if it wasn't renegotiated.

The Isle of Man Government believes it's in the Island's best interests to keep an arrangement with UK.

Mrs Craine says the changes will be phased in over three years.[Play audio file below]

The Minister says it will have massive financial implications for the Island.[play audio file below]

 

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Media

• Treasury Minister Anne Craine

• Treasury Minister Anne Craine