We have just concluded a settlement with insurers on behalf of a client for the total loss of his motor yacht that was submerged during the recent heavy rainfall in Cumbria. But only after the underwriters had tried to persuade their assured to accept a much lower figure based on a very disingenuous interpretation of their policy!

After one year, we are pleased to be able to report, that we have successfully persuaded UK underwriters to pay, in full, on an insurance claim that arose when a brand new 20 metre Italian motor yacht, worth c. € 2 million, was stolen from it’s delivery berth.

We understand that HMRC have put the IoM VAT office under considerable pressure to review their favourable views on the IoM Yacht Leasing Scheme, a deferment scheme, and that following that review the IoM VAT office has indicated that they will no longer support these structures and expects them to be wound up.
Whilst we will be speaking to our clients directly on this problem, anyone tied into an IOM lease that requires independent advice should contact us.
We must stress that this does not in any way effect the Malta VAT leasing scheme or bring it’s effectiveness into doubt. The Malta Scheme now remains the most attractive option for VAT mitigation.