Press Release

Issued by Equiom.

January 23, 2014

Equiom, a leading aviation service provider headquartered in the Isle of Man has been granted customs warehouse authorisation through both the United Kingdom and the Isle of Man. The authorisation enables Equiom to fully suspend the VAT and Customs Duty on the importation of aircraft where required.

Equiom's director of VAT services, Steve Cain, commented: “Having responded to the needs of our clients and intermediaries we believe that the authorisation will bridge a gap in the market place. So far we have received a very positive response and I am extremely pleased that we are able to offer this enhancement to our aviation services.”

The ability to use Equiom's customs warehouse to suspend duty and/or VAT is particularly useful in the following circumstances:

- the ultimate destination of the imported aircraft is not known and wanting to delay having to declare imported aircraft to another customs procedure, for example release for free circulation.

- there is to be a re-export of a non-community aircraft.

- difficulty at the time of import in meeting particular conditions, such as certain import licensing requirements.

- wanting to discharge to another customs procedure (such as Inward Processing) without physically re-exporting the goods.

- using the customs warehouse for co-storage of goods subject to another customs procedure, such as free circulation.

Customs warehousing is in addition to Equiom's existing offering of importation of aircraft using our Simplified Import Vat Accounting (SIVA) deferment approval. Both services offer a number of benefits and flexibility to both owners and operators and the experienced Equiom team is well positioned to offer clients and intermediaries technical support.