Tynwald members have been called to an urgent briefing later today (Wednesday) amidst concern the Island could be forced to revise the Customs revenue sharing deal it has with the United Kingdom.
Should changes be implemented, the Island could potentially lose up to ?100 million of government revenue annually.
It’s understood senior UK government officials want the Manx government to re-assess the Island’s VAT sharing arrangements.
The agreement currently provides more than half of the Manx government’s income.
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