Martyn Fiddler are celebrating the launch of the MF Deal Centre; a one stop, tax secure solution with complete support for business aviation transactions, created specifically to deliver low-risk and faster delivery for business aviation buyers, sellers, and brokers.
The MF Deal Centre operates with its inaugural partner, London’s Biggin Hill Airport, to close Deal Centre aircraft transactions at a fixed price and within a guaranteed 72 hour turn around time.
Using the MF Deal Centre can:
- De-risk any tax exposure for buyers and sellers as it covers the correct customs and tax regime.
- Utilise the Martyn Fiddler Customs Warehouse facility to ensure any aircraft are compliant with applicable customs regimes.
- Get indemnified tax advice that both seller and buyer can rely on for ensuring both parties have complete mitigation of tax risks.
- Combine Customs Warehouse and Tax Advice to deliver a single resource to close transactions outside the scope of UK and EU VAT, duty and other taxes.
“Simply, the MF Deal Centre is a single, one stop tax secure solution for closing aircraft transactions at a dedicated business airport”. – Phill Rawlins, Customs Director at MFA
The MF Deal Centre allows for pre-purchase inspection and re-registration as standard – without any further customs requirements. PPI and re-registration are provided on-site with our dedicated business airport partner so there is no need to relocate the aircraft to transfer ownership. Aircraft maintenance and additional services are also available onsite.
Understanding The MF Deal Centre
- The MF Deal Centre works with dedicated business airports, maintenance facilities and experienced aviation partners to guarantee the best support for any aircraft at a single site.
- Customs Warehouse is an approved special procedure under the authority of HMRC (the UK tax and customs authority). Martyn Fiddler Aviation holds Authorised Economic Operator (AEO) status which includes a Customs Warehouse approval and the required Guarantees to cover the goods (aircraft) placed into the Warehouse.
- Transactions on aircraft can be made in the Customs Warehouse outside the scope of UK VAT. EU VAT does not apply as the UK is now outside of the EU.
- Martyn Fiddler’s Tax team will provide fully indemnified advice to both buyer and seller on closing aircraft transactions in the Customs Warehouse. The tax advice will demonstrate there should be no sales VAT/tax on a transaction in the Customs Warehouse. This advice ensures awareness and transparency on tax points and ensures the transaction for both seller and buyer is de-risked. The removal of sales tax exposure provides comfort to both parties.
- The Customs Warehouse approval specifically allows for Pre-Purchase Inspections (PPI) and works required for de-registering and re-registering an aircraft such as recoding the transponder and re-fixing decals and placards etc.
- Once Martyn Fiddler have the right documentation they will confirm the Customs Warehouse is available. Martyn Fiddler will liaise with the parties to confirm actual arrival times, after which they will process the aircraft into customs control. This process should take two to three hours to clear through customs.
- Once the aircraft has cleared customs, Martyn Fiddler will confirm the aircraft is covered by the Customs Warehouse and the transaction can proceed.
- When the transaction is complete, Martyn Fiddler liaise with the buyer to release the aircraft from customs control which discharges the Customs Warehouse and any suspended tax liabilities.
- If the aircraft requires maintenance or upgrades after the transaction has closed, Martyn Fiddler hold Inward Processing approvals to allow for maintenance works to be carried out in a customs and tax compliant way outside the scope of any VAT. Martyn Fiddler can also support full importation. And, of course, all maintenance and upgrades can be carried out by our partner airports.
London Biggin Hill Airport – the first MF Deal Centre Partner airport
London Biggin Hill Airport is just 12 miles from central London and offers award winning VIP handling, a choice of FBO’s, extensive hangarage, support and maintenance services for all ranges of business jets.
A designated UK Port of Entry, no runway slots and an exclusive 6 minute helicopter transfer service to and from the heart of London; Biggin Hill is one of the pre-eminent dedicated business aircraft airports in Europe.
In addition, London Biggin Hill offers a comprehensive range of business aircraft facilities and support services, including maintenance facilities, ground handling equipment, aircraft cleaning services, 2 flight based operators and much more.
Simplicity as standard: Once the transaction has closed, the aircraft can depart to a non-UK destination with zero tax issues.
Book an exclusive one to one meeting during EBACE!
Martyn Fiddler will have dedicated meeting slots on 24 May 2023 at EBACE* to discuss the MF Deal Centre with Phill Rawlins and Angie Deady-Fiddler.
To book your appointment please email heather.gordon@www.martynfiddler.com
*Spaces are limited and must be booked in advance to guarantee a meeting and your access to the MF Deal Centre.
