UK government says Isle of Man did not break VAT rules on aircraft imports
A UK government report says that allegations following the leak of the so-called Paradise Papers where false and that the Isle of Man did not break rules regarding VAT on business jets.
The UK Treasury says that the Isle of Man Government correctly implemented the complicated rules involved in importing business jets and yachts into the European Union. It says that the Isle of Man should keep reviewing structures after
“I am pleased to confirm that the reviewers have found no evidence of widespread VAT avoidance,” said Jesse Norman, MP, financial secretary to the Treasury. “However, the Isle of Man government is taking action to improve its post-registration checks as a result of the review. My officials look forward to working closely with them to provide advice and guidance throughout the implementation and in the future.”
The Isle of Man Government asked the Treasury to review its policies following the leaks of the Paradise Papers in 2017.
