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:
“The great subverter of Pyrrhonism or the excessive principles of scepticism is action, and employment, and the occupations of common life.”
—David Hume (1711–1776)
“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)
“The doctrine of those who have denied that certainty could be attained at all, has some agreement with my way of proceeding at the first setting out; but they end in being infinitely separated and opposed. For the holders of that doctrine assert simply that nothing can be known; I also assert that not much can be known in nature by the way which is now in use. But then they go on to destroy the authority of the senses and understanding; whereas I proceed to devise helps for the same.”
—Francis Bacon (1560–1626)