Pilot through the new VAT rules on business jets

Friday, January 13, 2012 | Posted by: Grant Thornton
Categories: Tax, Thought Leadership | Tags: tax, VAT, legislation, tax relief, corporate, aircraft, private jet, jets, aviation, airline, executive jet, helicopters, flying, zero-rating, seminar, business jet

There has been much confusion since complex VAT rules on UK corporate aviation came into effect at the beginning of 2011. If your business is involved with the leasing, charter or operation of corporate aircraft, join our free seminar and you’ll be able to see through the clouds.

UPDATE: For post-seminar follow-up questions on corporate aviation VAT, please contact Senior Tax Manager and VAT specialist Graham Brearley on(JavaScript must be enabled to view this email address)

The seminar for finance directors/executives will take place on Wednesday 25 January 2012, in London, and cover the new VAT rules for corporate aircraft.

We will also discuss some of the common problems that have been experienced by businesses in the aviation sector. You’ll find the full details and how to register below.

VAT on corporate jets and helicopters
Previously, the VAT issues relating to the ownership and operation of corporate aircraft (including helicopters) were reasonably straightforward. However, the current law introduces new criteria to determine when supplies of aircraft and related services (such as handling and maintenance) can qualify for VAT-free treatment.

The zero-rated relief only applies now if the aircraft meets the new definition of a ‘qualifying aircraft’, and the old rule about the take-off weight is no longer a relevant consideration.

Whether you are a fixed base operator, a handling agent, an AOC holder or a part 145 engineer, the new rules mean that you must now be able to identify the statutory definition of each aircraft to ensure that you can account for UK VAT correctly.

Agenda
10.00 Registration / coffee
10.30 Understanding the definitions of ‘airline’ and ‘qualifying aircraft’ and which supplies qualify for VAT zero-rating
11.30 Coffee break
12.00 How the new VAT rules impact on ownership, leasing and charter of corporate aircraft
13.00 Buffet lunch
14.00 Close

Attend
Who: Finance directors/executives
When: 10am-2pm; Wednesday 25 January 2012
Where: Grant Thornton, 30 Finsbury Square, London EC2P 2YU
RSVP to: Govinder Heer on 020 7865 2241 or (JavaScript must be enabled to view this email address)

Image: (CC) Global Jet

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