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.