Appleby’s managing partner in the island has welcomed news that the Isle of Man has been cleared of wrong-doing over its VAT treatment of imported jets.
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Faye Moffett, said: ’We welcome the HM Treasury report’s findings, that UK and EU VAT law have been correctly implemented in the Isle of Man and allegations of widespread VAT avoidance on aircraft and yachts have not been upheld.’
The review was carried out by HM Treasury following a series of allegations of VAT avoidance in late 2017 that emerged following the so-called Paradise Papers expose which included a BBC Panorama documentary. The Papers revolved around millions of confidential electronic documents that originated from Appleby