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Households invited to take part in financial survey 

Results help determine financial position of the Isle of Man 

Random households are being invited to answer questions which help determine the amount of VAT the Isle of Man has received.

The Household Income and Expenditure Survey is being sent out between now and March next year.

It's a two-part process, with the the first asking for details about income sources for each member of the household and about household expenditure on large items and regular payments over the past year.

The second part involves keeping a diary over a two-week period of purchases made by the household.

Statistics Isle of Man carry out the survey every five years which they say is essential in helping Government understand the financial pressures facing residents, and to provide insight into important issues like poverty, and economic inequality.  

It is also used as a basis to determine the amount of VAT the Island received, and to update the products used in inflation calculations so that these are representative of spending on the Isle of Man.

All households that are chosen to participate in the survey will be issued on completion a payment of £20 for one adult member of the household, £10 for each additional adult (defined as anyone in the household over 16 years of age), and £5 for each child.

The survey primarily uses an online questionnaire, though this can also be done over the phone, in-person at the Statistics Isle of Man office, or via a paper form.

Participating households will also be entered into a draw for that month with a prize of £1,000.

The Household Income and Expenditure Survey is entirely voluntary and confidential.

More information, including previous results, can be found on the Household Income and Expenditure Survey webpage.

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