Importation of private aircraft into the EU by a non-EU resident

Question

An individual who has been normally resident outside the EU for the last ten continuous years intends to import a private jet into the UK. The aircraft is owned by a BVI company and is currently based in North America. The individual is a director and majority shareholder of the BVI company and by virtue of his office has had sole possession and use of the aircraft. The individual now intends to transfer his normal place of residence to the UK. What are the tax consequences of importing the aircraft into the EU?

Answer

As soon as a private jet lands in the UK it is imported into the UK and therefore the EU (CEMA 1979 s 5(2)(b)). This then...