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The leak of financial documents – known as the Paradise Papers –
has thrust the Isle of Man into the spotlight
over its alleged role in helping customers avoid paying duty (VAT)
on business aircraft imported into the EU via the British Crown Dependency.
The Paradise Papers investigation reveals
the Isle of Man government approved tax avoidance schemes
that allowed business aircraft owners,
including Formula 1 racing driver Lewis Hamilton, to claim 100% VAT refunds
on the grounds that their aircraft were part of leasing businesses.
The nearly 7 million papers leaked from Appleby show that this sometimes involved
owners leasing their own aircraft from themselves.
The Guardian says experts who have reviewed these structures suggest
they could be challenged as abuses of tax law
– and in some cases tax evasion, which is a crime.
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