A team from Panorama was filming in the island as part of their investigation into allegations of imported aircraft VAT avoidance.

Chief Minister Howard Quayle was due to be interviewed today by the Panorama crew.

It came following a car-crash press conference to which journalists were invited without being told in advance the subject matter or even when they would be allowed to publish.

The embargoed press release was only issued when the go-ahead was given by UK Treasury.

Reporters at the press conference suggested the cloak and dagger nature of the press conference made it look like the government was panicking. Mr Quayle denied that was the case.

The Chief Minister described it as a matter of ’significant national importance’.

He explained that the island is at the centre of international media attention concerning allegations over the VAT treatment of business jets imported into the EU through the Isle of Man.

Chief Minister Howard Quayle said an on-going review by Customs and Excise has found no evidence of wrong-doing or mistaken refunding of VAT.

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