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Plane sailing
Key points
- The ‘paradise papers’ shed light on the import of aircraft and yachts to the Isle of Man.
- In most instances the law of VAT in the Isle of Man mirrors that in the UK.
- The supply of specific aircraft and ships for international transport is exempt from VAT.
- Generally from 1 January 2011 VAT will be payable by an individual importing a plane or yacht.
- A credit for input tax paid can be obtained if this is attributable to taxable supplies in the course of a business.
- Leasing structures may be abusive if the only customer is the person who funded the purchase or others connected with that individual.
- There may be an increased focus on whether leasing structures...
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