Company that owns a superyacht won't have to pay £37 million tax on it

A company that owns a superyacht worth more than £300 million won't have to pay almost £37 million in tax on it.

Nereo Management - based in the Cayman Islands - appealed against a tax tribunal decision after its luxury 106-metre vessel, the Amadea, was deregistered for VAT when it was moored in Montenegro.

Isle of Manx Customs and Excise assessed the yacht and claimed the company owed more than £50 million in VAT - later reduced to £36.8 million by a tribunal.

But an appeal court has now found the tribunal got the law wrong and the firm doesn't owe any money to the Manx taxman.