UK Treasury finds Island is not guilty of VAT avoidance

Wed, 16 Oct 2019

A review conducted by the UK Treasury has confirmed that there is 'no evidence' the Isle of Man has dealt in VAT avoidance.

In a statement the UK Government said: 'Following a series of allegations of VAT avoidance in late 2017, the Isle of Man Government invited HM Treasury to carry out a review of its VAT rules and procedures regarding aircraft and yacht importations.

'The review, published today (16 October 2019), looked into the application of aircraft and yacht VAT rules in the Isle of Man and whether its rules and procedures enabled importation (e.g. by high net worth individuals) of private jets into the EU without paying the correct amount of VAT. Publication today concludes over a year of intensive investigation by VAT administration experts into this issue.

'The report found that UK and EU VAT law had been correctly implemented in the Isle of Man and allegations of widespread VAT avoidance on aircraft and yachts were not upheld.'

The review follows numerous allegations made in the 2017 Paradise Papers.

Streaming Now

Facebook

UK Treasury finds Island is not guilty of VAT avoidance

More News Stories

Year 8 students to be offered HPV vaccine

Tributes paid to former Southern 100 Stalwart Jack Wood

Mayor urges business support for 'inspiring' young people

Work underway to stabilise area following landslip on Mountain Road

Be flood prepared: Free sandbags at Civic Amenity Sites

Yellow warning for coastal overtopping

Drop-in session in Jurby to give feedback on Manx health care

Appeal to near-miss crash in Port St Mary

Politician Leonard Singer passes away