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.