englishal,
Duff info i am afraid, if you import an N reg you STILL have to pay the VAT - a lot of people have tried and failed, and having personally imported 9 aircraft into the UK both fixed and rotary, believe me i have exhausted every conceivable channel to see if it is possible.
The only pointer i would say is make sure that the bill of sale reflects the price of the time - ex a/c not a shiny new one, as that is what the VAT will be based on.
