• Tax Planning for Overseas Domicilaries Acquiring Yachts
  • April 2, 2008
  • Law Firm: Reed Smith LLP - Office
  • It has been common for taxpayers to seek to save VAT on the cost of acquisition of a yacht by ensuring that the yacht is acquired by a company in the Isle of Man. If the Isle of Man company could show that it intended to use the yacht for business purposes it would not incur any irrecoverable VAT on its acquisition of the yacht.