Government signs FERSA deal with UK

The Manx government has signed a deal aimed at securing the future of the customs and excise agreement between the Island and the UK.

Treasury Minister, Alf Cannan MHK, put pen to paper on the Final Expenditure Revenue Sharing Agreement (FERSA) which was initially agreed in 2016.

The agreement is based on final expenditure by households and businesses and is designed to provide Isle of Man officials with the revenue due to it from the consumption of goods and services in the Island, whether purchased here or elsewhere.

In addition to finalising calculations with HM Treasury in Britain, a new indexation rate has been established which is valid until 2025.