THE TAX HAVEN NEXT DOOR – THE ISLE OF MAN, BUSINESS JETS, TINKOV ETC

This article from Global Witness on 15 August leads a series of article about the Isle of Man which looks back to, and follows up on, the Paradise Papers reports of 2017-18, combined with an analysis of data from leaked material from the Cayman National Bank’s Isle of Man branch, with links including to the import of a $48 million Dassault Falcon 7X private jet to be purchased by Russian billionaire, Oleg Tinkov (now fighting extradition to the US from the UK on tax fraud charges). It is also said that Global Witness sought the opinion of tax barrister Jolyon Maugham QC on the leasing structures and the tax advantages that the Isle of Man framework and environment has for private jet owners.  The accompanying news release from Global Witness says that “The global super-rich have avoided paying up to £1 billion in VAT on the purchase of private jets by using advantages including financial secrecy in the Isle of Man and other jurisdictions closely linked to the UK”.

https://www.globalwitness.org/en/campaigns/tax-haven-next-door/

https://www.globalwitness.org/en/campaigns/oleg-tinkov-isle-of-man/

https://www.globalwitness.org/en/press-releases/isle-of-man-tax-regime-allows-super-rich-to-avoid-up-to-1-billion-in-vat-on-private-jets/

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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