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MHK probes hard on VAT revenue change

by isleofman.com 17th November 2009

There's been a sharp exchange in Tynwald over questions about the loss of millions of pounds in VAT revenue to the Isle of Man.

Michael member David Cannan wanted to know if the United Kingdom re-drew the common purse agreement because the previous formula was too good a deal for the Island.

The government's budget will be hit to the tune of ?90 million next year, and ?140 million after that.

Mr Cannan was told by the chief minister both the UK and Manx governments were willing partners in the revenue sharing arrangment.

He probed further, only to be told by Treasury Minister Allan Bell he was looking for trouble where there was none:

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Posted by isleofman.com
Tuesday 17th, November 2009 05:48pm.

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