Volunteers are being sought to take part in a survey that will play a crucial role in shaping the Isle of Man’s future finances.
Data collected from the Household Income and Expenditure Survey (HIES) will be used to calculate the Island’s indirect tax share under the VAT sharing arrangement with the United Kingdom.
Ensuring a fair deal is vital to the Island’s finances and the funding of the essential public services all Islanders rely on.
Treasury Minister Alfred Cannan MHK emphasised the ‘critical importance’ of the survey in his 2018 Budget speech and urged people to get involved.
The HIES is scheduled to start in April when invitations will be sent to a random sample of Island households. People can also volunteer to participate by visiting the Government website.
After a short initial interview at their home, participants will be required to keep a diary over a two-week period to monitor the entire household’s expenditure (excluding under 16s). All the information collected will be treated in the strictest confidence.
Everyone aged 16 or over who takes part in the survey will receive a one-off payment of £15, while participating households will also be entered into a prize draw for the chance to win £1,000.
The Cabinet Office is encouraging a wide cross-section of the Manx public to take part in the survey.
The survey is also used to determine the basket of goods included in the consumer and retail price indices, measures of Island inflation.
Policy and Reform Minister Chris Thomas MHK said:
‘Our fair share of VAT is an important part of overall public revenue to provide valuable public services like our hospitals, roads and schools. This survey is not only important in determining this share, it will also help us better understand household finances and develop policy.'
'Households will also earn the chance to take part in the prize draw, which is our way of saying thank you for doing their bit for our future. Their information will only be used for the stated purposes of the survey and will be treated in complete confidence.'