Finance, Taxes, Insurance
EU Challenges Isle of Man’s VAT Regime for Bizjets
Infringement procedure follows last year’s "Paradise Paper" leaks.

Just five months before the UK is set to leave the EU, Brussels has initiated legal action against the country for failing to take adequate measures against what it described as “abusive value-added tax (VAT) practices in the Isle of Man with regard to the supplies and leasing of aircraft.” The European Commission (EC) last week sent a letter of formal notice, the first step in European infringement proceedings, to Britain requesting information on the tax breaks being applied in the Isle of Man on certain business jets that are used for private purposes.