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)
“Costly thy habit as thy purse can buy,
But not expressed in fancy, rich, not gaudy,
For the apparel oft proclaims the man.”
—William Shakespeare (1564–1616)
“The methodological advice to interpret in a way that optimizes agreement should not be conceived as resting on a charitable assumption about human intelligence that might turn out to be false. If we cannot find a way to interpret the utterances and other behaviour of a creature as revealing a set of beliefs largely consistent and true by our standards, we have no reason to count that creature as rational, as having beliefs, or as saying anything.”
—Donald Davidson (b. 1917)