Isle of Man Bank charity charges deferred

Fri, 14 May 2021

Isle of Man Bank has confirmed plans to charge charities for banking services will not change until next year.

New regulations were due to come in this week which would have seen charity groups have to pay for certain services at the Island's bank.

IOM Bank has now decided to defer the changes until May next year.

Speaker of the House of Keys Juan Watterson said: "Whilst it is disappointing that these charges are still going to be introduced, at least people will be able to make informed choices in a less rushed timeframe."

"I hope that a longer lasting solution can still be found, recognising the valuable role small charities play in the fabric of our community, and am happy to work with Treasury in pursuit of this aim following the Tynwald motion at which they took on the lead role for this matter."

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Isle of Man Bank charity charges deferred

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