Manx charities will share in a £657,000 windfall thanks to new legislation on dormant assets.
The Manx Lottery Trust will distribute the funds based on grant applications it receives.
The money comes from a pot of more than £4million that has been collected by the Treasury from bank accounts that have remained untouched for at least 15 years.
Treasury Minister Alf Cannan said: ’I am pleased that the Dormant Assets legislation is having a positive impact on our community and that local charities can have access to a new source of funding. I want to thank the banking industry for their cooperation in achieving this outcome.’
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The Dormant Assets Act was signed in Tynwald on June 18, 2019, approving the creation of a fund for the transfer and redistribution of dormant assets for charitable purposes.
Proceeds of a bank account are considered dormant when it has been inactive for at least 15 years.
During that period the account owner will not have made contact with the bank, or responded to any requests for information or notifications.
Anyone whose money transfers into the fund retains the right to reclaim their money indefinitely.
The release to the Manx Lottery Trust, as the fund’s administrator, is in line with the distribution policy, which allows one fifth of the annual transfer value to be distributed, less 20% to provide for repayment claims.