Detailed VAT and collected duty accounts have been published.

Public finances reeled from the loss of some £200m in VAT revenue – then a third of government income – after the UK revised the Customs revenue sharing arrangement twice in two years, in 2009 and 2011.

Our share of revenue from the Common Purse fell from a high of £464m in 2006-07 to a low of £252m in 2012-13.

But by 2019-20 our share of pooled Customs revenue had climbed back to levels not seen since before the VAT bombshell.

The accounts for 2017 to 2022 are being laid before this month’s Tynwald sitting. Future accounts will be laid on an annual basis.

But the accounts only show the amount collected rather than our share of receipts from the revenue sharing agreement.

They show that total net duties collected in 2021-22 were £138m, down from more than £200m in 2017-18.

This year’s budget forecasts VAT revenues of £356m and an additional £84.7m in other revenues raised by Custom and Excise.

This represents a significant contribution to a total estimated government revenue of £1.2bn.

Our share of VAT revenue is calculated in accordance with Final Expenditure Revenue Sharing Arrangements (FERSA).

survey

This is based on information submitted in the Household Income and Expenditure Survey. The latest survey began last month and will run until March next year.

Statistics Isle of Man aims to survey a minimum of 1,000 households, and letters inviting households to participate are in the process of being out on a rolling, monthly basis.

All households 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 over 16 and £5 for each child.

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