U.K. tax authorities determined in an investigation that the Isle of Man’s value-added tax rules didn’t enable wealthy individuals to avoid taxes on their private jets and yachts.

Her Majesty’s Treasury concluded 12 months of intensive scrutiny of the Crown Dependency’s tax rules and issued the findings in a report published Oct. 16.

  • The European Union served a formal notice to the U.K. in 2018 over the Isle-of-Man’s VAT rules. The notice said the rules appeared to allow wealthy individuals to recoup VAT as a business expense on the use of private planes and yachts.
  • The tax authority reviewed…
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Source: news.bloombergtax.com