Treasury agrees customs and excise calculations with UK

£10 million figure broadly in line with Treasury's projections

An additional £10 million has been released by Treasury to offset anticipated additional spending in the forthcoming year.

The money had been held in reserve since 2020 as a contingency ahead of the finalisation of the calculation mechanism for sharing common duties including VAT that are collected under the Customs and Excise Agreement between the Island and the UK.

The so-called FERSA - or Final Expenditure Revenue Sharing Arrangement - has now been agreed with the UK government, and is broadly in line with Treasury's budgeted projections.

As such £10 million of a sum held back as part of a contingency re-balancing payment can be released.

Treasury Minister Alex Allinson announced the deal in Tynwald: