Sunday, December 17, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Isle of Man Aircraft Registry Celebrates First Birthday 1 May 2008

The Isle of Man Aircraft Registry is today celebrating its first anniversary having registered more than 50 aircraft since its launch on 1st May 2007.

Unlike most other registries, where both private and commercially operated aircraft are accepted, the Isle of Man’s register is focussed solely on high quality private and corporate aircraft. This is supported by the Island’s well established banking sector experienced in financing aircraft, lawyers familiar with aviation law, insurance companies which can provide cover without the addition of an insurance premium tax and corporate service providers experienced in structuring companies to take advantage of the Island’s beneficial tax regime. Now the Aircraft Registry is so well established, the Isle of Man has become widely regarded as a one-stop shop for worldwide aviation business.

Since 9/11 there has been a huge growth in sales of private and corporate business jets. In 2007 worldwide annual sales of new jets exceeded 1000 aircraft for the first time and order books for certain models are full for some years to come. Corporate aviation is increasingly providing the business community with a cost effective and time saving alternative to commercial travel with its reputation for delayed flights and security queues.

The Aircraft Registry’s target aircraft are professionally-flown new corporate jets for international blue-chip companies which will find that conducting business on the Isle of Man is a friendly, efficient experience. For many, registering their aircraft will mark the start of a long business relationship. The quality of the companies attracted to the Register in its first year of operation is very impressive and includes world leading manufacturers. Indeed one of the world’s largest business jet manufacturers has recently registered its own company aircraft.

Unlike some other registers, M prefix registrations can be transferred between aircraft. International financier Jim Mellon registered the very first aircraft as M-ELON. This has since been joined by M-AGIC and M-YSKY and another forthcoming addition to the Register is M-RBIG.

Hon David Cretney MHK, Minister for Trade and Industry said:

“Our original estimate was that a combination of up to 12 corporate jets and helicopters might be registered in the first year but we have now registered no less than 51 aircraft. The number is all the more impressive when you consider that we have turned down a similar number of aircraft, including historic war planes and light aircraft, which did not meet our business plan. The register has proved to be a huge success.”

Capt. Brian E Johnson, the Island’s first Director of Civil Aviation, said:

“The launch of the Aircraft Registry could not have been better timed to benefit from the growth in private aviation. The registration process itself is very straightforward and, like the successful Isle of Man Super Yacht register, is cost neutral and not a ‘flag of convenience’. We provide a friendly customer focused service with a highly competitive scheme of charges not usually found in Government registers.”

The Minister concluded by saying: “We can be immensely proud of the achievements demonstrated by the Isle of Man Aircraft Registry in its first year of operation. Aside from its direct economic benefits, it adds significant prestige to the image of the Island as an international business location.”

More stories >>>  

Related News Articles
Tax Return Deadline Nears 22 April 2013
The 5 May 2013 deadline for submitting contractor’s and employer’s tax returns is now only a few weeks away. [More]
Isle of Man signs Double Taxation Agreement with Luxembourg 18 April 2013
As part of the Isle of Man Government’s ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), the Isle of Man has signed a comprehensive DTA with Luxembourg. [More]
Isle of Man signs Double Taxation Agreement with Seychelles 11 April 2013
The Isle of Man has continued its programme of developing closer economic and taxation co-operation with other countries by concluding a Double Taxation Agreement (DTA) with the Republic of Seychelles. [More]
Corporate Income Tax Return for Accounting Period Ending 5 April 2012 5 April 2013
If a corporate taxpayer fails to submit its income tax return by the due date then they become liable to a £250 late return penalty. [More]
Corporate Income Tax Return Form for Accounting Period Ending on 31st March 2012 28 March 2013
If a corporate taxpayer fails to submit its income tax return by the due date then they become liable to a £250 late return penalty. [More]

Other Guides by Maxima Systems Ltd: Disney World