OWNERS NEED BREXIT VAT PLAN FOR THEIR AIRCRAFT

On 3rd September, AIN Online reported that Martin Fiddler Aviation has urged business aircraft owners to ensure they have planned for possible VAT issues relating to aircraft operating into the EU.  It says that, unfortunately, a no-deal Brexit situation will impact aircraft owners, and the financial consequences of not resolving the aircraft’s free circulation status could result in aircraft being grounded while the situation is assessed; payment of VAT on the value of the aircraft (ranging from 17% to 27%) being required before an aircraft can travel further; or a penalty fine of up to 100% of VAT due if an aircraft enters the EU without an import declaration.

https://www.ainonline.com/aviation-news/business-aviation/2019-09-03/owners-need-brexit-plan-their-aircraft

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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