Wednesday 21 February 2018

Why the jet-set choose the Isle of Man to buy aircraft

According to the Paradise Papers, Irish tech entrepreneurs Jerry Kennelly and Ray Nolan availed of Isle of Man schemes to buy private aircraft. Stock picture
According to the Paradise Papers, Irish tech entrepreneurs Jerry Kennelly and Ray Nolan availed of Isle of Man schemes to buy private aircraft. Stock picture
John Mulligan

John Mulligan

According to the 'Paradise Papers', Irish tech entrepreneurs Jerry Kennelly and Ray Nolan availed of Isle of Man schemes to buy private aircraft.

Billionaire businessman Denis O'Brien also acquired an aircraft through the island.

They join Formula One world champion Lewis Hamilton in using the Isle of Man to purchase a jet.

There's no suggestion any of the structures used to buy the aircraft via the Isle of Man are anything but legal.

The Isle of Man is attractive as a location for finalising aircraft ownership due to its VAT laws.

Wealthy individuals can get round EU and UK rules banning VAT refunds on aircraft used by private individuals by forming VAT-registered leasing businesses on the island.

Hamilton saved about €3.74m in VAT he might have had to pay on a €18.7m Bombardier jet in this fashion in 2013.

Irish Independent

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