Isle of Man Treasury
Encyclopedia
The Treasury; ; of the Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...

 is the finance department of the Isle of Man Government
Isle of Man Government
The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, representing HM Queen Elizabeth II, Lord of Mann...

. It prepares the annual budget for the Government, and also handles taxation, customs
Customs
Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, transports, personal effects and hazardous items in and out of a country...

 and excise
Excise
Excise tax in the United States is a indirect tax on listed items. Excise taxes can be and are made by federal, state and local governments and are far from uniform throughout the United States...

, economic affairs
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

, information systems
Information systems
Information Systems is an academic/professional discipline bridging the business field and the well-defined computer science field that is evolving toward a new scientific area of study...

, internal audit
Internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk...

, currency
Manx pound
The Manx pound or Isle of Man pound is a local issue of the pound sterling, issued by the Isle of Man Government. It is subdivided into 100 pence.-Currency union with sterling:...

 and the census in the Isle of Man.

The Minister for the Treasury is Eddie Teare
Eddie Teare
William Edward "Eddie" Teare, MHK is a Manx politician, who is the Minister of the Treasury and current member of the House of Keys for Ayre. He was first elected to the House at the 2004 by election. He was educated at Ramsey Grammar School....

 MHK
Member of the House of Keys
Member of the House of Keys, or MHK is the title given to a person who has been elected into the House of Keys, the lower house of Tynwald, the parliament of the Isle of Man. There are twenty-four Members of the House of Keys. Elections are held every five years; the last election took place in...

.

History

The Finance Board was established in 1962, although the Lieutenant Governor of the Isle of Man
Lieutenant Governor of the Isle of Man
The Lieutenant Governor is the representative on the Isle of Man of the Lord of Mann . He/she has the power to grant Royal Assent and is styled His Excellency. In recent times the Governor has either been a retired diplomat or senior military officer...

 functioned as Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...

 and gave the budget speech in Tynwald
Tynwald
The Tynwald , or more formally, the High Court of Tynwald is the legislature of the Isle of Man. It is claimed to be the oldest continuous parliamentary body in the world, consisting of the directly elected House of Keys and the indirectly chosen Legislative Council.The Houses sit jointly, for...

 until the 1970s.

In 1986 the Finance Board was abolished and its functions transferred to the Treasury as part of the reorganisation of the Isle of Man Government on a ministerial basis.

Functions

  • Budget
  • Taxation
  • National Insurance
  • Investments and Banking
  • Economic Advice and Statistical Analysis
  • Capital Projects Unit
  • Internal Audit
  • Pay and Payments
  • Insolvency Office
  • Rates
  • Valuations

Non Governmental Agencies reporting to Treasury

  • Financial Supervision Commission
    Financial Supervision Commission
    The Financial Supervision Commission The FSC was established in 1983. The Chairman was previously a Member of Tynwald until 2004 when legislation forbid this.-Chairmen:*Col Dr Edgar Mann, 1983-1985*David Cannan MHK, 1987-1989...

  • Insurance and Pensions Authority
  • Gambling Supervision Commission
  • General Registry
  • Public Lottery Trust

Ministers for the Treasury

  • Eddie Teare
    Eddie Teare
    William Edward "Eddie" Teare, MHK is a Manx politician, who is the Minister of the Treasury and current member of the House of Keys for Ayre. He was first elected to the House at the 2004 by election. He was educated at Ramsey Grammar School....

     MHK, 2011–Present
  • Anne Craine
    Annie Craine
    Anne Valerie Craine JP MHK was the Minister for the Treasury for the Isle of Man between 2010 and 2011 and Member of the House of Keys for Ramsey. Before that, she was previously the Minister of Education between 2006 and 2010. She was elected at the 2003 by-election...

     MHK, 2010–2011
  • Allan Bell
    Allan Bell
    The Honourable Allan Robert Bell MHK is a Manx politician, who is the current Chief Minister of the Isle of Man, having been elected to that position on October 11, 2011. He was formerly the Minister for Economic Development of the Isle of Man Government and is Member of the House of Keys for...

     MHK, 2001–10
  • Richard Corkill
    Richard Corkill
    Richard Kenneth Corkill was the Chief Minister of the Isle of Man, December 2001 to December 2004. He was born in Douglas, Isle of Man. He was elected by Tynwald with 21 votes, defeating Edgar Quine, who received 10 votes....

     MHK, 1996–2001
  • Donald Gelling
    Donald Gelling
    Donald James Gelling CBE CP, CInstSMM is a Manx former politician, who is a former Chief Minister of the Isle of Man who served two terms as Head of the Government.-Early life and career:...

     MLC
    MLC
    -Technology:*Multi-level cell, a type of flash memory*Multi-Platform Language for Calculators*Multileaf collimator, a tool used for shaping radiation beams in external-beam radiotherapy.*Mobile Location Center, a network element in GSM Telephony Networks...

    , 1989–96
  • David Cannan
    David Cannan
    John David Qualtrough Cannan MHK is currently the Member of the House of Keys for Michael and Chairman of the Isle of Man Water Authority. He is the son of former Chaplain of the House of Keys, Rev Canon Charles Cannan. He was educated at King William's College and was a businessman in the tea and...

     MHK MLC, 1986–91

Chairmen of the Finance Board

  • David Moore
    David Moore (Manx)
    Dr David Moore is a Manx politician and former Chairman of the Finance Board, the forerunner to the present Treasury Minister. He was Member of the House of Keys for Peel from 1978 until his retirement in 1986...

     MHK, 1985–86
  • Dr
    Doctor (title)
    Doctor, as a title, originates from the Latin word of the same spelling and meaning. The word is originally an agentive noun of the Latin verb docēre . It has been used as an honored academic title for over a millennium in Europe, where it dates back to the rise of the university. This use spread...

     Edgar Mann
    Edgar Mann
    Lieutenant Colonel Dr Edgar John Mann MB is a British politician, who is a former Chairman of the Executive Council of the Isle of Man, the then head of the island's Government.-Early life and career:...

     MLC, 1981–85
  • Percy Radcliffe
    Percy Radcliffe
    Percy Radcliffe was a Member of the Legislative Council of the Isle of Man, and Chairman of the Executive Council from 1971 until 1977, and from 1981 to 1985. He was also the Chairman of the Finance Board in the 1970s.-References:...

     MLC 1977–81
  • John Bolton
    Sir John Bolton
    Sir John Bolton OBE MLC was an accountant and Manx politician. He was a Member of both the Legislative Council and House of Keys and was Chairman of the Finance Board from 1967 to 1977. He was a chartered accountant and is credited with much of the Island's economic development in the 1970s. He...

     MLC, 1967–77
  • Norman Crowe, 1964–67
  • Bert Stephen MHK, 1962–64
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