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Customs agreement signed between IOM and UK

Mon, 26 Nov 2018

Treasury Minister Alfred Cannan MHK signed an Arrangement on behalf of the Isle of Man Government amending the 1979 Customs and Excise Agreement between the Isle of Man and the United Kingdom Government.
 
The signing, which took place in London with the UK’s Financial Secretary to the Treasury Mel Stride MP yesterday.

 The Isle of Man is currently subject to EU law in relation to customs. This is because the UK’s membership of the EU extends certain rules to the Isle of Man, despite the Island not being part of the EU.
 
When the UK leaves the EU next year this status will fall away, meaning a new arrangement needed to be entered into.
 
Had the new Arrangement not been forged, the effects on the Island could have been considerable.
 
An important difference in the new Arrangement is that the Channel Islands will become part of the customs union arrangements, creating a United Kingdom and Crown Dependencies Customs Union.
 
This means that goods will be able to move freely between the Isle of Man, UK and the Channel Islands for customs purposes only. However, the Channel Islands will not be entering into arrangements for the sharing of customs duties, VAT and excise duties.

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