VAT changes boost luxury registrations

EASY LANDING: The brand new 'M' registered Gulfstream 550 landing at Ronaldsway

EASY LANDING: The brand new 'M' registered Gulfstream 550 landing at Ronaldsway

0
Have your say

AVIATION and yacht specialists ICM was bringing in the bling last week with a double registration thought to be worth in excess of £100 million.

The Douglas-based firm has just imported both a superyacht built by Italian luxury yacht builders Benetti and a brand new Gulfstream 550 aircraft.

LUXURY: The St Ekaterina pictured moored in Douglas harbour

LUXURY: The St Ekaterina pictured moored in Douglas harbour

The Gulfstream is the second business jet to be imported into the Isle of Man by IOM Aviation Services – part of the ICM group – since the recent changes in VAT legislation in February’s budget.

Martin Kennaugh, from ICM Aviation, explained: ‘Prior the budget the zero per cent VAT classification for importing aircraft was limited to a ceiling weight of 8,000 kilos, since February the weight restriction has been lifted completely.’

IOM Aviation Services ltd organised all the paperwork and worked with Customs & Excise.

There was a treat on hand for those involved in importing the ultra-long-range executive jet, explained Martin: ‘It was very exciting as the new owner kindly offered us a 30 minute flight Ronaldsway to Ronaldsway for eight people.

HIGH-FLYERS: Wendy Turner (Aircraft Registry), Sherilyn Kelly (Aircraft Registry), Catherine Britnell (ICM Group) and Hayley Rourke (Aircraft Registry) aboard the Gulfstream 550

HIGH-FLYERS: Wendy Turner (Aircraft Registry), Sherilyn Kelly (Aircraft Registry), Catherine Britnell (ICM Group) and Hayley Rourke (Aircraft Registry) aboard the Gulfstream 550

‘We offered three seats to the aircraft registry and the other five were taken by staff from the ICM Group. Our colleague Angie Deady, who works in our Stansted office for Martyn Fiddler Associates, joined us.

‘We all enjoyed the flight – the views were spectacular. It made all the hard work worth while.’

The Gulfstream arrived hot on the stern of superyacht St Ekaterina, which arrived in Douglas on June 21 in order to be imported by IOM Aviation Services Ltd into the EU through the Isle of Man. Sister company and yacht specialists Dominion Marine Corporate Services, also part of the ICM Group, managed the initial purchase and registration for the owner and will be involved with the ongoing management of the yacht.

The 60-metre M/Y St. Ekaterina was launched by Italian luxury yacht builders Benetti in 2008 and accommodates up to twelve guests. The yacht arrived with a total of 16 crew on board and boasts a portable karaoke a gymnasium on the sundeck, a large jacuzzi, a tappenyaki grill plus a full disco and a bandstand!

Chris Allix, director of Dominion Marine Corporate Services, told us: ‘Everything went to plan. The good working relationship we have with the Ship Register and Customs & Excise on the Isle of Man means we can ensure a joined up service.

‘We were pleased that the Dominion Marine staff who did a lot of preparation and work behind the scenes, Lyndsay Fosdal and Tina Hampson, were invited for lunch on the yacht. We administer 350 yachts and superyachts but unless our staff go to shows they rarely get the chance to go on board.’

Back to the top of the page