EUSSR diktat

[AtW]

The European commission has launched infringement proceedings against the Isle of Man and Italy over what it says are illegal tax breaks given to some of the world’s wealthiest people over their purchases of private jets and yachts.

The Guardian and the BBC revealed last November how the Isle of Man, a crown dependency that officially belongs to the Queen and is answerable to the British government, had allowed billionaires and multinational companies to avoid £790m of VAT on more than 200 aircraft imported to Europe since 2011.

The avoidance came to light through the Paradise Papers, a leak of data from the offshore law firm Appleby, which was obtained by the German newspaper Süddeutsche Zeitung and shared by the Washington-based International Consortium of Investigative Journalists with media around the world, including the Guardian.

The commission has written to the UK government highlighting what it described as “abusive VAT practices” in the crown dependency. It announced the decision to shut down the tax loophole in a press release on Thursday that cited the Guardian’s reporting.

EU clamps down on Isle of Man tax loophole for private jets and yachts | UK news | The Guardian

[Mordac]

The European commission has launched infringement proceedings against the Isle of Man and Italy over what it says are illegal tax breaks given to some of the world’s wealthiest people over their purchases of private jets and yachts.

The Guardian and the BBC revealed last November how the Isle of Man, a crown dependency that officially belongs to the Queen and is answerable to the British government, had allowed billionaires and multinational companies to avoid £790m of VAT on more than 200 aircraft imported to Europe since 2011.

The avoidance came to light through the Paradise Papers, a leak of data from the offshore law firm Appleby, which was obtained by the German newspaper Süddeutsche Zeitung and shared by the Washington-based International Consortium of Investigative Journalists with media around the world, including the Guardian.

The commission has written to the UK government highlighting what it described as “abusive VAT practices” in the crown dependency. It announced the decision to shut down the tax loophole in a press release on Thursday that cited the Guardian’s reporting.

EU clamps down on Isle of Man tax loophole for private jets and yachts | UK news | The Guardian

The Isle of Man isn't in the EU, and in a little under 5 months, the UK won't be either*. They can (and likely will) take Italy to the cleaners over such "tax irregularities", but with the IoM they can't do much more than tut. Brexit will close the loophole anyway, because the jets will become "foreign aircraft", and won't enjoy the freedom of movement they currently benefit from.

*The various caveats obviously apply...

[WTFH]

The Isle of Man isn't in the EU, and in a little under 5 months, the UK won't be either*. They can (and likely will) take Italy to the cleaners over such "tax irregularities", but with the IoM they can't do much more than tut. Brexit will close the loophole anyway, because the jets will become "foreign aircraft", and won't enjoy the freedom of movement they currently benefit from.

*The various caveats obviously apply...

The new EU regs are one of the reasons that many of the wealthiest/most corrupt UK politicians are in a hurry to get the UK out of the EU before they get caught.

[Mordac]

The new EU regs are one of the reasons that many of the wealthiest/most corrupt UK politicians are in a hurry to get the UK out of the EU before they get caught.

Or maybe they realise that there may be benefits to the UK, such as wealthy Europeans relocating to somewhere which isn't going to tax them until the pips squeak*. I am slightly curious as to why Monaco isn't on the target list. There's quite a difference between taking advantage of a legal VAT loophole, and paying no tax whatsoever.

*Unless Korbyn gets in, in which case the pips won't squeak, it'll be more of a squeal...

[AtW]

The Isle of Man isn't in the EU, and in a little under 5 months, the UK won't be either*. They can (and likely will) take Italy to the cleaners over such "tax irregularities", but with the IoM they can't do much more than tut. Brexit will close the loophole anyway, because the jets will become "foreign aircraft", and won't enjoy the freedom of movement they currently benefit from. *The various caveats obviously apply...

Yeah, and in a little under 5 months Isle of Man, Jersey, British Virgin Islands and a few other places will be in the EU money laundering black list - the only reason they did not get there already is by virtue of UK's EU membership.

In April 2019 they will be treated the same way Vanuatu.

HTH

[Mordac]

Yeah, and in a little under 5 months Isle of Man, Jersey, British Virgin Islands and a few other places will be in the EU money laundering black list - the only reason they did not get there already is by virtue of UK's EU membership.

In April 2019 they will be treated the same way Vanuatu.

HTH

Money laundering and tax avoidance are not the same thing, so they won't be on the blacklist.

[shaunbhoy]

The Guardian and the BBC revealed

Straight from the horse's arse then!

[AtW]

Money laundering and tax avoidance are not the same thing, so they won't be on the blacklist.

Of course they won’t be - UK friends in EU will veto it

[Whorty]

Straight from the horse's arse then!

[ yawn ]

[vetran]

[ yawn ]

hey you must be getting used to it by now.

Relax have an Irish, Dutch sandwich.