Ian Collett and Michael Lythgoe attended the 5th Annual Conference in Palma this week. The Conference was attended by a hundred or so delegates. The atmosphere was mixed. The lack of bank finance continues to cause problems as does the approach of customs in a number of jurisdictions, most notably in UK, Spain and Italy! The Malta Yacht Leasing scheme was confirmed as being the only viable VAT mitigation scheme open to yachts in private use. Particularly relevant with rising VAT rates throughout the EU.

We are delighted to welcome Chris Nicolle to W&M. He is joining our head office team as our senior surveyor. Chris was formally practising with J Winterbotham & Partners. Chris will be repsonsible for our survey practice, and will liaise with our outport surveyors, with a view to developing this side of our business.

At the end of May the brand new AMELS 177 was delivered to a repeat client of ours by the Dutch superyacht builder, AMELS. She was delivered in good time for the forthcoming season. The 177 footer is an evolution of the successful AMELS 171. Ward & McKenzie acted as the owner’s representative and project manager in respect of both builds and have had a team embedded in the shipyard for three years.

Ward & McKenzie are very pleased to announce the successful launch of Amels 171 Limited Edition series, Hull number 456. This vessel is in fact an extended 171 and should be described as the first of the 177 series! Ward & Mckenzie have been the project managers of this build from inception to delivery, having also safely delivered her sister ship, HN 455 in April 2009. Hand over is due in May 2010.

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.

We were delighted to co-sponsor the Red Arrows display at the Monaco Yacht Show this year in association with colleagues from Superyacht UK. A show stopping performance in the true sense of the word!