Commercial Fishing
Fishing Vessel (Support) Scheme 1998
This allows a subsidy of 15% on the first-hand sale value of sea-fish, and makes the subsidy available against the cost of maintaining or improving the fishing vessel. The fish must be landed in Island ports for sale for human consumption, the vessel must be Island registered, owned by Island resident(s), and fished on a full-time basis, and at least 50% of the crew must be permanently resident in the Isle of Man.
Application for credits (yellow form)
This form should be completed on a calendar quarterly basis, to 31st March, 30th June, 30th September and 31st December, and must be submitted within 2 months of the quarter end.
Application for payments (pink form)
These should be completed when credits have been accumulated, for improvements, repairs, maintenance, fishing gear, equipment or insurance of the vessel. The form must be accompanied by receipted invoices.
Fishing Vessels (Financial Assistance) Scheme 2000
An eligible purchaser (or purchasers) who requires assistance to purchase - or build - a fishing boat and licence may apply for a grant and loan, if the conditions are met.
- A first-time applicant without an existing vessel and licence can apply for 50% grant and 40% loan.
- A first-time applicant with a fishing vessel can apply for 25% grant and 50% loan.
- A person who has had assistance before may apply for a loan of 50%.
This scheme also lists a number of factors that must be considered by the Department before reaching a decision.
The scheme can also be used for assistance towards the planned replacement of an engine or winch, with rates as 2 and 3 above.
The interest rate on loans is 7%.
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