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Tickled Pink about what these yachts could bring to the Island
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From Gregory Jones.
RECENTLY I have been horrified to read and hear negative comments by people regarding the GST changes to attract super yachts.
As a boat owner myself, I know the costs involved and, equally, how these translate to income for other businesses and their staff.
The super yacht industry has been a massively growing business sector for many years and, surprise surprise, Jersey is behind the times. Large yachts are an industry all of their own and wherever they reside they are revenue magnets and, especially in these times, any growth achievable should be welcomed with open arms.
A large pill people may have trouble swallowing is the seeming lack of tax on fuel. However, I would like to points out that although the fuel is tax free, it is not free and there are still profits made on that fuel which are then duly taxed from the company and even the relatively small, in super yacht terms, Tickled Pink, will fill its tanks with 33,000 litres of fuel during her stay.
The owners have also sourced suppliers for fresh local produce, laundry services, chandlery and other locally-based facilities needed to maintain the yacht, her five crew and her guests.
These services are not only fully liable to GST, but also line the pockets of the local shops and businesses which then go and employ people.
I suspect that the greatest barrier to people’s understanding of why this industry is important to Jersey is the fact that the contributions are so diverse they are not understood, let alone appreciated. Monaco, obviously well versed in super yacht dealings, estimates that the supply industry just for their marina is worth £1 billion each year.
Once you attract a business like this it opens up possibilities for further expansion, something that once again would employ grateful locals and again benefit the economy, such as manufacture of specialist parts, distribution, retail and brokerage, boatyard services, charters (that’s when people actually travel to Jersey to hire the yachts), sea schools – the list goes on.
Most cities are falling over themselves to attract the likes of these yachts and their owners, so I implore people, before knocking down an idea, to open their eyes and see the bigger picture.
Owners of these yachts can go elsewhere. This is one of the things yachts do well and will do unless there is some sort of attraction locally. We need to swallow the GST pill and accept that there is a bigger pot at the end of the rainbow.
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