Whether you are involved in the sale of an aircraft as the owner, operator, or broker, we can assist (in the UK or elsewhere in the EU).
- If your aircraft has been imported to free circulation in the EU and is now being sold, you may want to consider if the EU status can be retained and forwarded to your buyer. If so this is a huge benefit to your buyer.
- Our specialist tax team can review the current EU status of your aircraft, and can then advise on whether or not it is possible to retain it.
- If you are a UK or EU VAT registered seller, selling to another VAT registered buyer, Martyn Fiddler Tax can advise on the treatment of VAT offset if and where applicable.
- If your aircraft is leaving a commercial operator and moving to another, to be operated in the same manner, it may be possible to retain the EU free circulation without the need to export the aircraft.
- If you are selling your aircraft in another jurisdiction Martyn Fiddler Tax can assist with sourcing and reviewing local Tax opinions to ensure that you don't create tax issues in the jurisdiction of closing.
- If selling an aircraft for export to a buyer located outside the EU, Martyn Fiddler Aviation can assist with the Customs export procedure, ensuring you receive the correct documentation to satisfy EU VAT authorities (if you are an EU VAT seller), or for the buyer's requirements when they need to import into their own jurisdiction.
Martyn Fiddler Aviation works with aircraft brokers worldwide to mitigate VAT where otherwise there may be VAT liabilities; using one of the many Special Procedure Customs authorisations we hold, we can offer our Customs Warehouse process whereby we can declare the aircraft to Customs at one (of several) of our approved Customs Warehouse sites in the UK. This allows you to buy and / or sell an aircraft outside the scope of VAT (and completely within the tax regulations) – VAT is dealt with by the end buyer either exporting the aircraft out of the EU, or by importing to EU free circulation if that is required.
We have several other solutions, all designed to make your processes easier.
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Be Prepared for 31 December 2020
In less than 4 months’ time the UK will leave the European Union (31 December 2020). At the time of writing there is no agreement in place to determine what the status of goods (including business aircraft) imported into the EU (including the UK and Isle of Man) before 31 December 2020 will be.
In the newsletter attached Martyn Fiddler Aviation outline the list of possible results, explaining the impact of each scenario and the work that will be requested of aircraft owners in order to remain in free circulation in both the UK and the EU.
Receivers, insolvency practitioners and liquidators
In the current climate it is likely that there will be some aircraft financiers who will either fail or will need to reduce their portfolios. The knock on effect will be the increased number of repossessions or other potential insolvency action.