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Applebys: Something or other about planes and VAT. CM says Panic!


Declan
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2 minutes ago, Lost Login said:

Probably same as last time around. Told to stop but everything that had gone before was not revisited.

But we didn’t call HM Treasury in to inspect our compliance last time. I assume politically after all of this noise on the TV and papers etc they will want to be seen to have found something and got some extra revenue in this time? Just to show that they are actually clamping down on abuse? 

Edited by JoeyDeaconsCat
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1 hour ago, Wankleaks said:

The big mouthed finance sector clown simply can’t help himself again can he? Are you going to bully everyone out of this again to night to give you a great big stiffy again. What a sad sack of shit. 

:lol: :lol: :lol: :lol: :lol: :lol: 

Get some help. It was tiresome before and nothing has changed.   Man alive, no wonder you’re melting down like you do  :rolleyes:

Can you show me an example of how I’ve bullied anyone out of anything?

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2 minutes ago, Lost Login said:

Probably same as last time around. Told to stop but everything that had gone before was not revisited.

Many miffed EU countries though, wouldn't be surprised were the UK to jump on the IOM for the missing VAT.

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1 minute ago, notwell said:

Get some help. It was tiresome before and nothing has changed.   Man alive, no wonder you’re melting down like you do  :rolleyes:

Can you show me an example of how I’ve bullied anyone out of anything?

:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: 

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34 minutes ago, Lost Login said:

As a CSP/TSP practitioner I doubt the integrity of the arrangement as this basically appears to be self leasing and leasing to yourself I do not view is a business activity, no matter how you try and tart up with associate companies etc.

It is not as if this is should be a surprise to anybody in the IoM as for a long time there similar schemes with regard to yachts before HMRC caught on and the IoM had to close down. This is a link to the 2010 Practice note where IoM C&E stated that self leasing must stop  https://www.gov.im/media/338149/customs_practice_note_yachts.pdf

Clause 4 of that practice note describes unacceptable yacht leasing structures as being a yacht leased to an individual who funded the purchase of that yacht (directly or indirectly) or is leased to a person (or persons) connected to that individual. Replace yacht with aircraft or any other asset and you surely have the same thing all be it that the aircraft "self leasing" structure may be a bit more complicated than for yachts as the average costs is a bit more. From the FOI request figures you can calculate that the average aircraft imported cost about £17m net of VAT or £20.4 gross 

Over the years we lost business and clients as when asked about such schemes we advised clients that in my view they did not work as "self leasing" did not amount to a taxable supply. We would not therefore do. I don't know whether to be annoyed with firms who in my view appeared to be happy to take a much more liberal view so landing us or all with a bad name or with myself for not joining the gravy train.

In a nut shell in my opinion the structures stink! (Caveat to save being sued. Just because they stink does not mean it was illegal). Best guess what happens next? Another practice note from IoMC&E saying you have had your fun boys but now stop  

In this case the business activity isn’t supposed to be leasing, it’s Lewis Hamilton being an F1 driver. If the ultimate use is business then it’s a legit structure.

Yachts are different and have different structures.

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4 minutes ago, SamHandwich said:

In this case the business activity isn’t supposed to be leasing, it’s Lewis Hamilton being an F1 driver. If the ultimate use is business then it’s a legit structure.

Yachts are different and have different structures.

So you're happy for Lewis to lease his own jet to himself?

If it's legit why use an offshore company?

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5 minutes ago, SamHandwich said:

In this case the business activity isn’t supposed to be leasing, it’s Lewis Hamilton being an F1 driver. If the ultimate use is business then it’s a legit structure.

Yachts are different and have different structures.

Err no. Read the Guardian or the BBC article. The Guardian one is here. https://www.theguardian.com/news/2017/nov/06/lewis-hamilton-avoided-taxes-jet-isle-of-man-scheme-paradise-papers. Scroll down to the diagram near the end and point 2 states the aircraft is part of an aircraft leasing business.

I might agree with you if the IoM company "owned" LH and invoiced Mercedes etc for all his services, with VAT if applicable, as then potentially the aircraft would be a business expense. But that is not the case.

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2 hours ago, Phillip Dearden said:

[BUT the GDP figure for IOM companies does seem quite large so I do have a bit of doubt here]

Understatement of the millennium. The fact is that the IOM is screwed. The last time the VAT figure was reduced, the Govt failed to do anything to adapt: now the VAT figure is going to be even further reduced in the tens of millions and still the Govt is in denial. It's been written on the wall for a long time. We can thank weak-minded simpletons being in charge for the island not having prepared for this.

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1. UK Government turned down an interview. IoM should have done the same.

2. Oh, and wtf, Phil Craine, 'professional cry baby'  in Tax Justice Network now.

3. Hah hah, regulators cosying up and changing laws to look after the lawyers and their clienst. Pretend shock. They wannna see how such as the police (and judiciary) treat them

Vipers pit it is. Welcome to Isle of man where you can.

Oh and you didn't say hello to the fairies laddie.

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