The global super-rich have avoided paying up to £1 billion in VAT on the purchase of private jets, according to a report by Global Witness.
This figure comes from the number of full VAT refunds on aircraft imports granted by Isle of Man Customs & Excise between October 2011 and December 2019, totalling £992 million.
The lobby group claimed the wealthy have done this by using benefiting from financial secrecy in the Isle of Man and other jurisdictions closely linked to the UK.
However, the Isle of Man government said that the island’s VAT law mirrors law in the rest of the EU and that the government “...