Householders in the Isle of Man are encouraged to take part in a survey that is important for the Island.
Under the VAT-sharing agreement with the United Kingdom, the Isle of Man Government is required to conduct a Household Income and Expenditure Survey every five years.
The results will determine how much the Island receives in VAT and other duty under the Final Expenditure Revenue Sharing Arrangement (FERSA) – a large sum which is important in funding public services.
The survey is also used to determine the basket of goods included in the Consumer and Retail Price Indices, measures of Island inflation.
The survey gets under way in April 2018 and runs for a year.
Each month, 900 households will be invited to participate and record their spending over a two-week period.
Invitations will be sent out in batches throughout the year, starting in March.
Households can also volunteer to participate in the survey by registering on the Economic Affairs Division webpage or ringing Dr Erin Stepney on +44 1624 685743.
Participating households will meet interviewers and complete general information regarding income and large item expenditure.
Once interviews are complete, households will log all spending over the subsequent fortnight in a diary that is provided. At the end of the fortnight, interviewers will collect the information.
All information collected will be treated confidentially.
As an incentive to participate, each member of a household (aged 16 and over) that completes and returns the survey will receive £15 and one household a month will also win £1,000.
Chris Thomas MHK, Minister for Policy and Reform, said:
‘Not only is this information important for the calculation of how much we are entitled to receive in VAT and other duties under our Customs and Excise agreement with the UK, it will also help us better understand household finances and develop policy.
‘Households can be certain their data will only be used for the stated purposes of the survey, will be treated in complete confidence and that they will not be identified in our submission to the UK.
‘I hope people will volunteer to, or accept an invitation to, participate.’