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Well, this might explain the apparently indecent haste to identify and activate big tag projects by our Govt.

Much better than predicted tax receipts and an improved VAT sharing scheme with UKHMRC have resulted in something of a windfall for Alf and Co, to the tune of £69M (Manx Indy). No breakdown of the source of these receipts though?

All that should keep the DOI going for 3 months or so.

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2 hours ago, Non-Believer said:

Well, this might explain the apparently indecent haste to identify and activate big tag projects by our Govt.

Much better than predicted tax receipts and an improved VAT sharing scheme with UKHMRC have resulted in something of a windfall for Alf and Co, to the tune of £69M (Manx Indy). No breakdown of the source of these receipts though?

All that should keep the DOI going for 3 months or so.

Are we not a little perturbed that the Treasury can’t estimate/monitor economic activity and likely taxation revenue to the extent that they’re out by £70 million? 

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1 minute ago, Uhtred said:

Are we not a little perturbed that the Treasury can’t estimate/monitor economic activity and likely taxation revenue to the extent that they’re out by £70 million? 

Always a chance of unexpected incomes or windfalls. Its only an estimate after all.

I did hear recently that Tax/NI incomes to treasury haven't dropped since March, which doesn't stack up given the unemployment figures. But if it is true.. great!

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32 minutes ago, jaymann said:

Always a chance of unexpected incomes or windfalls. Its only an estimate after all.

I did hear recently that Tax/NI incomes to treasury haven't dropped since March, which doesn't stack up given the unemployment figures. But if it is true.. great!

Fair enough...I accept it’s always an estimate, but c’mon....that’s wide of the goal, not even against the post.

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1 hour ago, Uhtred said:

Fair enough...I accept it’s always an estimate, but c’mon....that’s wide of the goal, not even against the post.

I think my tax will barely change this year as it runs essentially 12 months in arrears, next year it will be pretty much nil and I imagine many will be the same. That is when the shortfall will hit

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26 minutes ago, ellanvannin2010 said:

I think my tax will barely change this year as it runs essentially 12 months in arrears, next year it will be pretty much nil and I imagine many will be the same. That is when the shortfall will hit

For a few maybe. But even many self employed will have quickly caught up by working weekends etc after our brief local lockdown ended.

And on the other side of that balance sheet, both local national consumer spending* and actual local spending is way up. Massive waiting lists for getting anything done still.

*ie everything delivered from the wider economy on which VAT is paid

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2 hours ago, jaymann said:

Always a chance of unexpected incomes or windfalls. Its only an estimate after all.

I did hear recently that Tax/NI incomes to treasury haven't dropped since March, which doesn't stack up given the unemployment figures. But if it is true.. great!

The fact that our sizeable Public sector was completely unaffected financially probably has something to do with it.

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13 minutes ago, pongo said:

For a few maybe. But even many self employed will have quickly caught up by working weekends etc after our brief local lockdown ended.

And on the other side of that balance sheet, both local national consumer spending* and actual local spending is way up. Massive waiting lists for getting anything done still.

*ie everything delievered from the wider economy on which VAT is paid

Whilst the markets ex UK have done ok,  the UK market tended to give the best yield income, hence tax wise.

At least the border controls have kept the local economy in fairly good shape.

 

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5 hours ago, Non-Believer said:

Well, this might explain the apparently indecent haste to identify and activate big tag projects by our Govt.

Much better than predicted tax receipts and an improved VAT sharing scheme with UKHMRC have resulted in something of a windfall for Alf and Co, to the tune of £69M (Manx Indy). No breakdown of the source of these receipts though?

All that should keep the DOI going for 3 months or so.

Would you please reveal to us the source of this information. I can't see it in today's news or government web pages. Thanks.

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1 minute ago, Black Mirror said:

Would you please reveal to us the source of this information. I can't see it in today's news or government web pages. Thanks.

Page 7 of this weekend's Manx Independent :)

I think it might have been on iomtoday too but I can't find it there anymore.

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5 minutes ago, Black Mirror said:

I saw it thanks.

But I am afraid, it is last year tax revenue. It doesn't say anything about current financial situation. Or the one moving forward.

You're not supposed to say that :lol:

It's presented as good news for the huddled wassnames to rejoice in and spur them to give even more to our great and good. We have an image to maintain here....

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