The Common Purse Agreement (Manx: Coardailys yn Chosporran) entitles the Isle of Man to a share in the United Kingdom's Customs and Excise revenues in return for being in customs union with the UK and not charging any import duties on goods from the UK, or that have been imported through the UK. As the UK is a member of the European Union, the Isle of Man is effectively in customs union with the entire EU.
The agreement is so called because it effectively sets up a 'common purse' for the receipt of excise duties and revenue, which is then split between both treasuries according to agreed formulas.
Read more about Common Purse Agreement: Common Duties Agreement, Services Contribution To UK Treasury, Nationalist Viewpoint
Famous quotes containing the words common, purse and/or agreement:
“If common sense had been consulted, how many marriages would never have taken place; if uncommon or divine sense, how few marriages such as we witness would ever have taken place!”
—Henry David Thoreau (1817–1862)
“Mystery is in the morning, and mystery in the night, and the beauty of mystery is everywhere; but still the plain truth remains, that mouth and purse must be filled.”
—Herman Melville (1819–1891)
“No one can doubt, that the convention for the distinction of property, and for the stability of possession, is of all circumstances the most necessary to the establishment of human society, and that after the agreement for the fixing and observing of this rule, there remains little or nothing to be done towards settling a perfect harmony and concord.”
—David Hume (1711–1776)