The Isle of Man has been at the centre of allegations this week in the ’Paradise Papers’ in the Guardian newspaper and on the BBC’s Panorama programme.

So what were they and what did we learn?

Monday’s Panorama included the allegation that Formula One four-times world champion Lewis Hamilton, who lives in Monaco, avoided paying VAT on his £16.5m jet by using an Isle of Man scheme.

Chief Minister Howard Quayle told reporter Richard Bilton that the government only accepted VAT refunds on imported jets if it was ’100% for business use’.

But the Paradise Papers include a document from Manx Customs & Excise showing Lewis Hamilton’s jet was used 15% for private use.

The Isle of Man and the UK operate under the same VAT rules.

The Isle of Man is the only low-tax jurisdiction to share VAT with the UK. Other jurisdictions have their own purchase taxes.

For Panorama to have had a real scoop, it would have shown that the Isle of Man judges VAT rules differently from the UK.

But it didn’t show that and didn't bother to even address that issue.

After being confronted by Panorama, the Manx government has asked Her Majesty’s Revenue and Customs to look into the island’s VAT system.

It could be, of course, that the HMRC concludes that the Isle of Man does operate VAT rules differently, in which case there really would be a case to answer.

A Freedom of Information request - which was not a part of the Paradise Papers investigation - recently showed that VAT refunds totalling more than £790m had been repaid since 2011-12 to jet leasing companies, with 100% refunds given for each of the 231 claims submitted in that period.

The island’s aircraft registry, the largest corporate aircraft register in Europe, plays no role in the importation of business jets or VAT. Its purpose is to ensure that jets registered here comply with CAA standards.

The Isle of Man benefits from aircraft registration because it provides work in the financial sector, for corporate service providers and lawyers, for example.

When Mr Hamilton bought his jet, it was no secret.

The Isle of Man Examiner - and other media - reported the deal as it happened in 2013.

If Hamilton had not bought his jet through the Isle of Man, he might have chosen a different jurisdiction.

Rival jurisdictions have their own purchase taxes and different rules for business use. Arguably, a deal elsewhere might not have interested Panorama as much as one that involved VAT.

Panorama also claimed it had evidence to show how far the Manx government was prepared to go to help tax dodgers.

But its evidence involved a Tynwald order from almost THIRTEEN years ago, which was enacted but never used.

Is that really such a big deal, warranting primetime exposure on BBC1?

Is that the best the Paradise Papers could come up with from the 13.4 million confidential electronic documents relating to offshore investments through which many investigative journalists have sifted?

A casual viewer might have thought that Panorama had evidence that this happened all the time in the island, rather than evidence of one incident that happened quite a long time ago under rules that were changed seven months later.

It involved a protected cell company scheme from 2005 which Panorama claimed was designed to undermine the European Savings Tax Directive, a measure aimed at preventing cross-border tax evasion.

A document contained in the Paradise Papers shows lawyers acting for Minerva Assurance wrote to the then regulator the Insurance and Pensions Authority, stating: ’If you believe it would be helpful for us to provide you with ideas on how to amend the regulations in order to more readily accord with our client’s proposal and thus remove the associated ambiguities then please let us know’.

The then chief executive of the IPA, David Vick, emailed them subsequently to state that the proposed regulations had been published for consultation purposes. ’Obviously, I’d be particularly interested in any comments that you have.’

International tax adviser Mark Morris was interviewed in Switzerland and said the scheme was ’either to evade tax or protect privacy’. He added: ’This was not illegal.’

Panorama’s presenter asked the Chief Minister if he would ’apologise if the law was changed here to help tax dodgers’.

’I don’t believe that’s happened. But if it has happened we will investigate,’ said the Chief Minister.

’Give me the opportunity to look at the evidence. If it has happened then I will apologise on behalf of the Isle of Man Government.’

Panorama tracked down David Vick MBE to his home where he was asked: ’Did you change the law to help tax dodgers?’

’I told your colleague you should contact the Financial Services Authority,’ Mr Vick told them.

In his statement of ’national importance’ to the Keys this week, Mr Quayle said the Order laid before Tynwald in 2005 was enacted but never utilised.

He said: ’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.’

The Paradise Papers also said that multi-national technology giant Apple considered relocating part of its operations to the Isle of Man.

Documents show that Apple started shopping around for an alternative principal place of business in 2014 for two of its subsidiaries.

Consultants acting for Apple wrote to law firm Appleby asking what would happen if the Irish companies were registered in various offshore jurisdictions, including the Isle of Man.

The questionnaire filled in for the Isle of Man, and seen on the Panorama programme, asks for confirmation that an Irish company can conduct management activity ’withoutbeing subject to tax in your jurisdiction’. ’Is it possible to obtain an official assurance of tax exemption?’ it asked.

’What information is publicly visible (eg through the Companies Registry) when a company is registered in your jurisdiction?’ it inquired.

It also asked: ’Is there a credible opposition party or movement that may replace the current government.’

The answer was ’No. Political parties do exist but their influence is nominal’.

Panorama seized on that to infer there is no democracy here rather than simply a lack of party politics.

In the end Apple chose Jersey to base its Apple Operations International and Apple Sales International subsidiaries for tax purposes, the programme claimed.