Treasury MHK welcomes five-year plan
Money collected from people on the Isle of Man who died without a will – or from companies which have been dissolved – will help support the Family Library for the next five years.
‘Bona Vacantia’– the name given to ownerless property which has passed to the Crown – is being used to provide annual payments, which will gradually reduce, until August 2026.
It’s envisaged that over this period the Family Library will develop alternative income streams.
Government says supporting the library is in line with its objective to promote and improve the social wellbeing of the Island.
However Treasury member and Douglas South MHK, Sarah Maltby says there will always be competing priorities: