The Covid-19 pandemic has slowed work on town centre purchase incentives, but the Treasury is keen to progress its plans.

Treasury Minister Alfred Cannan was asked in the House of Keys by Jason Moorhouse (Arbory, Castletown and Malew) to provide an update on the initiative designed to help regenerate the island’s town centres.

The scheme would encourage residents to buy flats and premises in town centres and is seen as a way to help breathe new life into business orientated areas.

Mr Cannan said that as he announced in last year’s Budget, the assessor of income tax is looking at developing the initiative, including the potential for ’full tax relief on mortgage interest paid for the first few years following purchase within designated zones’.

He said Covid-19 had affected this work as Treasury staff were redeployed but his department was ready to turn its attention back to urban regeneration.

When asked by Mr Moorhouse if the Treasury would consider a test area, such as Castletown, Mr Cannan said: ’I don’t see that we would have to limit that to one specific town on the island but would probably incorporate that more broadly across the island.’ He noted there is a need to develop the island’s economic planning in light of the pandemic.

Treasury Minister Alfred Cannan was asked in the House of Keys by Jason Moorhouse (Arbory, Castletown and Malew) to provide an update on the initiative designed to help regenerate the island’s town centres.