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Talks continue on VAT deal beyond 2013

The new minister for the Treasury has confirmed he has signed a two-year VAT sharing agreement with the United Kingdom.

In Tynwald today (Tuesday), Eddie Teare said the detailed document fixed the sum available to the Isle of Man from VAT and other revenue share-outs until 2013.

It was signed yesterday (Monday) by the Manx Treasury and Her Majesty's Revenue and Customs.

Arrangements beyond 2013 are still being discussed, using what's being called the Tax Based Measurement Method.

Mr Teare said talks had begun to agree a formula:

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