Chief Minister Howard Quayle says he is confident that the island has done nothing wrong over the VAT treatment of imported jets.

The Manx government is still awaiting a report from Her Majesty’s Revenue and Customs into an issue that resulted in the island becoming the centre of international media attention last year.

Allegations, made as part of the Paradise Papers expose, focused on the VAT treatment of business jets imported into the EU through the Isle of Man.

BBC’s Panorama and the Guardian newspaper claimed that some of the world’s wealthiest people, including Formula One champion Lewis Hamilton, use Manx Customs to pay zero VAT on luxury planes.

But in a hurriedly-convened press conference, the Chief Minister said an on-going review by Customs and Excise had found no evidence of wrong-doing or mistaken refunding of VAT.

He announced that UK Treasury had been invited to conduct an assessment of the practice for aircraft importation, with a particular focus on the VAT treatment of leasing arrangements.

That report was due to be published in the spring but it has still yet to be signed off by Westminster.

Mr Quayle told the Examiner: ’I’m eager to read the results of the report. The report was delayed and I’ve not seen it.

’I’m told it has been finalised by officers in HMRC and is waiting sign-off from the UK government.

’We can’t prejudge or preempt what the report will say. We did our own investigations and to date that investigation has found no evidence of wrong-doing.

’We remain confident we have done nothing wrong.

’But we will have to wait and see what the report says.’

Mr Quayle said he hoped the report will be available by the end of the year.

Figures released by the Manx Treasury following a Freedom of Information request showed almost £800m in VAT has been refunded since 2011 on corporate jets imported into the EU via the island.

The total amount refunded was £790.1m, with 100% refunds given for every one of the 231 claims submitted since 2011-12.

In 2016-17, 31 claims were submitted and £101.5m of VAT was refunded.

Up until 2011, corporate jets over 8,000kg were zero-rated for VAT but then became VAT-able - but you could claim it all back if you used the aircraft for your business.

We follow the same policy, rules and laws as the UK for VAT treatment of importation of aircraft into the EU.

Panorama’s expose was based on material obtained by a cyber attack on law firm Appleby.