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
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