Reports suggest the latest cut in the Isle of Man's share of VAT revenue could be even worse than feared.
It had been widely speculated the United Kingdom would take a further ?60 million off the Island, in addition to the ?114 million lost when the revenue sharing arrangement was last revised, in 2009.
But it now seems the figure could be as high as ?75 million, although the blow could be slightly softened if, as suggested, the latest sum is phased in over a three year period.
According to reports, the Island would lose a further ?30 million in the first year of the new arrangement, with the sum increasing to ?50 million in the following year, and the full ?75 million annually after that.
By then, the total reduction in annual VAT revenue for the Isle of Man would be ?189 million a year.
Treasury Minister Anne Craine is due to make a statement to Tynwald on the VAT revenue sharing arrangement during the early part of the July sitting, which starts today (Tuesday).
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