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Review finds 'no evidence' of Island VAT avoidance

Allegations surfaced following Paradise Papers

An investigation by the UK Treasury has cleared the Isle of Man of any wrongdoing over its VAT treatment on imported jets.

It found no evidence of aircraft VAT avoidance but it did find further compliance checks should be implemented.

The review followed a number of allegations that surfaced from the publication of the so-called Paradise Papers in 2017.

However, today's announcement concludes both UK and EU law had been correctly implemented on the Island and the allegations were not upheld.