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doc.fixit

Paradise papers re-born?

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Just saw the headline VAT re-imbursed to private jet owners. Sounds as though the folk who said the Paradise papers would bite us on the bum was right.

It was in the Guardian, sorry.

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40 minutes ago, doc.fixit said:

Just saw the headline VAT re-imbursed to private jet owners. Sounds as though the folk who said the Paradise papers would bite us on the bum was right.

It was in the Guardian, sorry.

Gentle shit-storm to be expected soon...

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Ask yourself why the external review of the IOM jet-related VAT practices undertaken by HMRC has never been published and why IOM is still doing it? It’ll be because either the UK are at it themselves, or because the IOM claim that we’re simply following U.K. VAT rules is in fact entirely accurate, and the U.K. are too embarrassed to tell that to the EU or simply couldn’t give a fuck that the EU don’t like it. 

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43 minutes ago, doc.fixit said:

Just saw the headline VAT re-imbursed to private jet owners. Sounds as though the folk who said the Paradise papers would bite us on the bum was right.

It was in the Guardian, sorry.

I don't take The Guardian, is this the link of which you allude?

https://www.theguardian.com/uk-news/2019/apr/05/isle-of-man-tax-breaks-for-jet-owners-rose-to-100m-last-year-vat

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Haven't HMRC been over at our invitation to do a thorough investigation which must have been completed many months ago. There has been no statement from either them or IOMG so assume everything is "rosy" in the VAT world.

(Apologies but crossed with Uhtred reply who has said the same thing)

Edited by Billy One Mate
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1 minute ago, Billy One Mate said:

Haven't HMRC been over at our invitation to do a thorough investigation which must have been completed many months ago. There has been no statement from either them or IOMG so assume everything is "rosy" in the VAT world.

Or a bit busy with Brexit?

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The best thing that came out of the Paradise Papers and all that was Howard's press conference. And that secret door thingy at the back of the room. 

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Isn't this a regurgitation of previous articles?

Still, I suppose if you say it often enough then someone somewhere might think there's something in it.

Until the EU change the law/rules it's probably unlikely that anything will be done about it.

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26 minutes ago, GD4ELI said:

Gentle shit-storm to be expected soon...

If the UK had said STOP, it would have stopped. Clearly they didn't.

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Always amazes me this topic. It's as if people assume that IOM Customs and Excise has somehow gone rogue and started making up their own procedures without running it by the same people they speak to and get direction from on a weekly basis across the water.

It was and still is one of the many ways for the island to stand on it's own two feet without more funding from the UK than they already get via the VAT agreement.

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I was tittering to myself at an interview on Sky News this morning with a Dutch(?) author on tax business who'd recently been invited to address an audience during the recent Davos bash for the wealthy and influential.

The footage showed him asking why, when there are so many concerns about global pollution, were there nearly 1500 private jets parked up at the local airport? And why, as a tax author, he'd been forbidden to raise the subject of tax avoidance at the seminar?

As he so eloquently put it, "I feel like I've been asked to address a firemen's conference but been told that I can't talk about water". :lol:

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" The Isle of Man puts its VAT receipts into a common pot with the UK, so any refunds granted are a loss to all British taxpayers" - Hmmmn.

"The concern is that jet owners are choosing to import to Europe via the island, a British crown dependency, because they can avoid tax that would be payable in other EU countries"

The UK government know all about it and are fine with it. They then have to pretend they aren't if it becomes a thing in the press.  The same reason the C.D.'s and other islands were set up that way in the first place.

Reminder of a recent article on how seriously various places take the proven identity/compliance laws for an example and and you can bet it wil be a similar situation with this.

https://moneyweek.com/503415/the-tax-havens-hoarding-billions/

In a landmark 2014 study, Global Shell Games, three academics set up anonymous shell companies around the world (or tried to). They found that offshore havens were among the most likely to be fully compliant with international laws requiring people registering new companies to prove their identity. Jersey, the Isle of Man and the Cayman Islands had compliance rates of 100%, 94% and 100% respectively. The rate in the UK proper, by contrast, was a mere 51%. We can conclude that if policymakers really want to tackle secrecy and corruption, tax havens might not be the best place to start.

 

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