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VAT revenue could fall by a further £75m

Mon, 11 Jul 2011

Treasury Minister Anne Craine
Treasury Minister Anne Craine

The Treasury Minister is due to reveal the full extent of the latest cuts in VAT revenue being imposed on the Island by the UK.

Anne Craine is expected to announce in Tynwald tomorrow that it will cost the Island another £75m annually and is being phased in over the next three years.

Politicians are believed to have already been briefed ahead of the sitting.

The first cuts came in 2009 and have already left the Isle of Man around £140m out of pocket.

 

 

 

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