Island cleared of VAT avoidance

The Isle of Man has been cleared of any wrong-doing concerning its VAT treatment on imported jets, following an investigation by the UK Treasury.

The investigation found although further compliance checks could have been done, there was no evidence of aircraft VAT avoidance.

It followed allegations after the the "Paradise Papers" were published. 

However, after today the review has established the EU and UK law was correctly used on the Island, so therefore the allegations have not been upheld.