Almost £800m aircraft import VAT refunded since 2011

Fri, 03 Nov 2017

Almost £800m of VAT has been refunded by the Island's Treasury on aircraft imports over the last six years.

Since October 2011, £790.1m has been claimed back by those importing jets into the European Union through the Isle of Man.

During this time, 231 claims for refunds have been submitted, all of which have received a 100% refund.

The 2014-15 financial year saw the highest number of claims, with 61 refunds worth £224m being issues.

The Island's aircraft imports are under scrutiny following allegations of tax avoidance by the International Consortium of Investigative Journalists.

The Manx Government has denied any wrongdoing, but has asked the UK Treasury to check its VAT receipts.