Financial centres slam Paradise Papers backlash
By Kirsten Hastings, 7 Nov 17
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
The Isle of Man was the focus of a lengthy and prominent feature by the BBC on Tuesday into allegations that it helped the rich and famous, including Formula 1 champion Lewis Hamilton, avoid paying VAT on private aircrafts and yachts.
Chief minister Howard Quayle has strongly denied any wrongdoing, telling the BBC: “We have [HM Revenue & Customs] come over every quarter to review our practices, that’s a matter of course, and they have found no wrongdoing.
The island has now invited HM Treasury to carry out an assessment of its treatment of VAT on business jet, “to prove that there has been no wrongdoing”, Quayle added.
Speaking to the BBC’s Today programme, Quayle reiterated that the island is “not a tax haven”.
“That is not just my view. That is also the view of the [Organisation for Economic Cooperation and Development] and the University of Amsterdam, which recently produced a list of tax havens and the Isle of Man was not one of them.”