I have a wealthy client who has, for some time, been considering whether to purchase a large yacht that he will use personally and which he may also use for charter purposes. I understand that there may be tax and VAT advantages in this being done via an offshore company, perhaps in the Isle of Man, or elsewhere.
Can any readers give me a basic understanding of the tax, VAT and any other issues involved here? Thoughts and comments would be appreciated.
Query T16,703
I have a wealthy client who has, for some time, been considering whether to purchase a large yacht that he will use personally and which he may also use for charter purposes. I understand that there may be tax and VAT advantages in this being done via an offshore company, perhaps in the Isle of Man, or elsewhere.
Can any readers give me a basic understanding of the tax, VAT and any other issues involved here? Thoughts and comments would be appreciated.
Query T16,703
