Island to close aircraft VAT loophole?

The Isle of Man looks set to shut down a VAT loophole in the wake of the Paradise Papers revelations.

In the House of Lords this week, Minister of State at the Department for International Development Lord Bates said the Manx government had approached the UK for "technical advice".

He said Treasury officials from the UK will advise on how to close a tax loophole which sees people importing aircraft into the EU via the Island.

The Paradise Papers showed Formula 1 star Lewis Hamilton used the rules to avoid paying £3.3 million in VAT on a private jet he imported via the Isle of Man.