The Formula One driver Lewis Hamilton was among those who avoided tax under schemes now deemed by the commission to be contrary to EU tax law. The commission’s decision is a blow for EY, one of the “big four” accountancy firms, whose local office in Douglas advised on many of the private jet refunds approved by Isle of Man customs. The Isle of Man allowed tax to be avoided by agreeing that these structures meant the jets were part of a leasing business. In the UK and the Isle of Man, VAT is 20% of the purchase price. In a statement, the Isle of Man said it applied the same policies and procedures as the UK on the importation and leasing of aircraft.

Source: The Guardian November 09, 2018 18:26 UTC