PPRuNe Forums - View Single Post - My Travel
Thread: My Travel
View Single Post
Old 14th Jul 2007, 07:52
  #67 (permalink)  
Flightrider
 
Join Date: Jan 2000
Location: UK
Posts: 1,494
Received 14 Likes on 9 Posts
Not true. At least one 767 will remain in the fleet for the foreseeable future as there is a very significant financial issue if they are taken out of the fleet. When the three 767s were first acquired, they were financed through a fairly complicated UK tax lease structure. My understanding is that if the aircraft leave the fleet completely before the tax lease is complete, there is a massive tax implication. I think the earliest date that the last one can leave the fleet is 15 years from acquisition, so round about 2012 - unless, of course, the tax bill is paid!

The structure has changed slightly over the years - alongside the MyTravel 757s, the aircraft were owned by various different offshore companies. [I seem to recall that Elland Ltd, Ewood Ltd and Anfield Ltd were three Guernsey-based entities each owning a 757 - remember that when MyTravel Airways was first formed, its official company name was Airtours International Airways (Guernsey) Ltd]. Although I think this has now changed on the 767s, the tax implications of the original deal remain the same.
Flightrider is offline