It prepares the annual budget for the Government,[1] and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.
[2] The Finance Board was established in 1962, although the Lieutenant Governor of the Isle of Man functioned as Chancellor of the Exchequer and gave the budget speech in Tynwald until the 1970s.
The agreement, which is backed by both UK and Manx legislation, means that for VAT, customs and most (but not all) excise duty purposes the two territories are treated as one.
In most of these areas officers seek to seize offending items and to disrupt those that try to bring into the island prohibited or restricted goods, which include drugs, alcohol, tobacco, weapons, paedophile materials and endangered species or meat products.
The Division also operates a 7.5 metre trailer based rigid-hulled inflatable boat (RHIB) bought using the seized proceeds of illegal activities.