Chief Minister Howard Quayle gave a statement of national importance to the House of Keys this morning following last night’s Panorama exposé.

The programme included the allegation that Formula One world champion Lewis Hamilton avoided paying VAT on his £16.5m jet by using an Isle of Man scheme.

Mr Quayle said if there is any evidence of wrong-doing then ’all appropriate action will be taken against individuals or companies’.

The Chief Minister said UK Treasury had been invited to conduct an assessment of the practice for the importation of business jets via the Isle of Man into the EU.

The scoping of the assessment by senior officers has begun and will be published this month, with the work being completed in 2018.

An initial review has found no evidence of wrong-doing and no reason to believe the Customs and Excise Division has been involved in the mistaken refunding of VAT, Mr Quayle said.

The VAT treatment of the importation of aircraft into the EU is a highly technical and complex area in which the Isle of Man follows the same policy, laws and rules as the UK, the Chief Minister explained.

He said: ’However, we acted swiftly and decisively and have taken action to demonstrate that the Isle of Man is a well-regulated, open and transparent member of the international community.’

Panorama also alleged that a law was changed to help tax dodgers.

Mr Quayle said the allegations related to an Order laid before Tynwald in 2005.

He said: ’Whilst enacted I should advise Hon Members this was never utilised.

’It is difficult for any administration today to understand or attempt to justify the thinking made by an administration nearly 13 years ago.’It relates to arrangements for exchanging information for tax purposes in 2005 which have now been replaced by the OECD Common Reporting Standard.

’We are considering all the allegations made to determine next steps and what action can be taken in relation to the past.

’That being said Mr Deputy Speaker, as I have set out, where the Isle of Man’s integrity is challenged we will not be complacent.

’I will continue to honour my commitment that where evidence of any wrongdoing is found the Isle of Man will take the appropriate action.’

He added: ’Our overall message remains clear: The Isle of Man is not a place that welcomes those seeking to evade or aggressively avoid taxes.’