UK Treasury looking into VAT claims

Wed, 25 Oct 2017

Chief Minister Howard Quayle speaking to BBC Panorama (picture from @HowardQuayleMHK/Twitter).

The UK Treasury will investigate how the Isle of Man handles VAT payments on exported and leased aircraft.

Chief Minister Howard Quayle confirmed that members of the International Consortium of Investigative Journalists have been looking into the practice since the start of the year.

While Customs and Excise here have already started a review to ensure regulations have been followed, the Isle of Man Government has also asked the UK Treasury to check VAT receipts.

Mr Quayle warns that the Isle of Man could receive a significant amount of negative press as a result of the allegations, with BBC Panorama and The Guardian among the outlets covering the story.

The Chief Minister conducted an interview with Panorama yesterday, which he says will defend the Island's international reputation.