TaxCorporate TaxJet sales fly before VAT loophole closure

Jet sales fly before VAT loophole closure

Jet sales grounded after VAT is introduced

AN EXTRA £1bn was spent on luxury private jets prior to a VAT hike.

The plane spending spree occurred in the last three months of 2010, before a zero-VAT rating on jet sales was ditched for the standards rate of 20%, reported the Guardian.

The latest statistics showed that luxury jet sales nosedived after the tax was introduced.

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