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> For the time being, IOM companies have GB VAT numbers, and a banking system that integrates seamlessly with the UK one, as well as a postal system (quick, whi
by TazeTSchnitzel 7y ago
> For the time being, IOM companies have GB VAT numbers, and a banking system that integrates seamlessly with the UK one, as well as a postal system (quick, which country is 15 Hope Street, Douglas, IM1 1AQ, British Islands?). This makes the sales process to UK and EU companies painless.
I bet that's been used for VAT fraud with EU companies.
- peteretep 7y agoHow would that be easier than VAT fraud in the UK proper?
- pjc50 7y ago"Carousel fraud", involving moving goods in and out of the EU and reclaiming VAT, maybe? Or the private jet / yacht scheme I mentioned above. I remember when Amazon shipped all their CDs from Jersey to avoid VAT too.
- ollie87 7y agoNot just Amazon either. Play.com based their entire business on this.
- ed_balls 7y agoThe more complex steps it has, the harder to investigate.
- pjc50 7y agoExamples: https://www.theguardian.com/uk-news/2018/nov/09/eu-takes-action-against-isle-of-man-over-tax-loophole-on-private-jets https://www.theguardian.com/uk-news/2018/nov/09/eu-takes-act... / http://www.iomtoday.co.im/article.cfm?id=43959&headline=European%20Commission%27s%20ultimatum%20over%20Manx%20VAT%20practices§ionIs=news&searchyear=2018 http://www.iomtoday.co.im/article.cfm?id=43959&headline=Euro...