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10 hours ago, gettafa said:

Like the VAT thing, the Isle of Man Film Industry got 'found out'.

Haven't we gone through this before on the forums?

Back in the day there was the 'common purse' and the 'own trade codes - the first was shared and the second was kept by one side. It started here with tourism - i.e. VAT from that was generated exclusively on the Island and kept by IOMG.

Steve Christian spotted that we could probably do the same with something daft like film production, and the UK accepted that it could be an OTC.  Maybe there was even some genuine desire to grow a new economic sector at the beginning. The scam was then to do the financial engineering to make sure that we appeared to generate a shed load of VAT from our "film industry".  I have heard that we made long millions from this. Remember that something has to be sold to generate a VAT 'tax point'.

We also did financial shennanigans with the incinerator and some other big infrastructure projects.

Big Al was in this up to his neck as treasury minister and then chief minister, but despite the UK catching on to and stopping the scam in the mid-noughties, I guess that he had to keep the media development fund, Cinemanx, Pinewood etc going to pretend that it had been kosher all along.

If the true P&L account is ever made public I would bet that we are in the black overall, but that was based on government sponsored tax planning, so it's hardly likely to come out, is it?

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4 hours ago, quilp said:

Anyone know how much we're due to receive, or have received from the Common Purpose Agreement this year? Was it £300+ mill..? 

It does seem to be heading nicely northwards again. £311.2m for 16/17 across total shared duties including VAT and others according to UK HMRC. See page 7 on:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/668957/Commissioners_of_HM_Revenue_and_Customs_in_Account_with_the_Government_of_the_Isle_of_Man_2016-17.pdf

Signed by one Vicky Rock. I wonder If they gave her the IOM to sort out because of that surname........

Projections for 17/18 broken down by VAT and duties and inflation increases up to 20-21 are in the IOM Treasury pink book.

See page 42 on:

https://www.gov.im/media/1360554/pink-book-final-2018.pdf

 

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Posted (edited)
7 hours ago, woolley said:

It does seem to be heading nicely northwards again. £311.2m for 16/17 across total shared duties including VAT and others according to UK HMRC.

Signed by one Vicky Rock. I wonder If they gave her the IOM to sort out because of that surname...

Probably short for Victoriana Rock, lol...

Ta woollster... ;)

Edited by quilp

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2 hours ago, quilp said:

Probably short for Victoriana Rock, lol...

Ta woollster... ;)

her Russian cousin Stikov is much more famous.

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