Reclaiming Your VAT

Reclaim the VAT on your Euromoney Training Courses in the UK

Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.

Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to:  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.


Course details

Download course brochure

Aviation Finance

Minimise the inherent risks and liabilities, identity aviation requirements
  • Course Overview

    The aviation industry is greatly affected by the continually changing economic climate. The often technical and complex issues, as well as the myriad of liabilities surrounding it, can make financing aircraft a potentially expensive minefield.

    Despite the risks involved, aviation finance is a potentially lucrative venture. With the correct financing and security structures, in conjunction with effective tax planning, many of these liabilities can be identified and accounted for.

    This course, organised in association with course director Kenneth Gray, aims to provide an understanding of the key issues involved in aviation finance in order to identify and minimise the inherent risks and liabilities. The course utilises a variety of lectures and workshops to analyse the key legal, regulatory and documentary issues involved in aviation finance.

    Topics covered include:

    • Common financing tools
    • Legal documentation
    • Different types of leases and similar instruments
    • Ownership rights
    • Insurances
    • Analysis of some specific events of default
    • Residual value guarantees
    • Pre-delivery payment financing

  • Day 1

    Introduction to Aircraft Finance

    • What makes it so different?

    Who are the different players in the market?

    • Financial institutions
    • Operating lessors
    • Scheduled and charter airlines
    • Manufacturers
    • Insurance companies

    Introduction to Common Financing Tools

    • Secured Loans
    • Operating and Finance Leases
    • Residual Value Guarantees
    • Securitisation Products
    • Tax Leases
    • Export Credits

    Overview of the Basic Legal Documentation

    • Purchase Agreement
    • Loan, Lease, Mortgage
    • Assignment of Lease
    • Assignment of Insurances

    Ownership, Different types of leases and similar instruments

    • How do you decide what type of lease you want?
    • Operating leases and finance leases
    • Hire purchase agreements
    • Sale and leasebacks
    • Tax Leases

    Overview of the Contents of a Lease

    • Why the different clauses are there and what they seek to achieve?
    • Covenants and Conditions Precedent
    • Examination of those that are specific to aircraft finance transaction
    • Maintenance, Operations and Return Condition


    • Why might a lessee want to sub-lease an aircraft?
    • What concerns might a bank have if a lessee requests the right to sub-lease an aircraft


    • How can these be reconciled?

    Day 2

    Insurances:  The Contractual Provisions

    • Indemnities
    • What is a contract of insurance?
    • The rights of a creditor relating to a contract of insurance

    Insurances: The Policy

    • A practical review of the actual contents of an insurance policy, its terms and their impact and consideration of how the policy and the insurance clauses have been affected by world events.


    • Mortgages and other types of security
    • Aircraft Mortgages
    • A comparison of different jurisdiction and international conventions
    • Taking security over the aircraft, its engines and constituent parts
    • Other Liens
    • Compared to rights of mortgagee

    Ownership rights

    • Compared to rights of a mortgagee
    • Worked example on the rights of owners & mortgages on an airline’s default

     The Cape Town Convention

    DAY 3

    Cross-border leases

    • Why they are done
    • Spcs: different kinds and when they are used
    • Insolvency Proofing

    Withholding Taxes

    • What they are
    • Double Tax Treaties
    • Solving potential problems
    • Legal strategy
    • Dealing with issues arising from a multiplicity of jurisdictions
    • Legal opinions: what really matters

    Structuring a Tax Lease

    • What is a tax lease?
    • What are the parties’ objectives and how can they be achieved?
    • Introduction to a common defeasance structure
    • What are the concerns of the finance parties and how can they best be addressed?


    • Combining the requirements of parties to a transaction: how to structure a deal so that everyone’s concerns are dealt with.

    Day 4

    Residual Value Guarantees

    • What they are
    • How they interact with the lease documents
    • Structuring a synthetic operating lease

    Workshop: Matching the requirements of a residual value guarantor with those of a lender.

    Export Credits

    • What are export credit agencies, what support do they give and what are their requirements in aircraft finance transactions?
    • How can export credit facilities be combined with other structures – tax leases

    Workshop: What issues arise when taking security over a purchase agreement?

    Pre-Delivery Payment Facilities

    • How to structure a PDP facility
    • What security is available for Lenders to a PDP facility?

    Capital Markets

    • What products are available on the market
    • What are the concerns of an airline?
    • EETCs:  what they are and how they are structured
    • How they can be combined with other structures
    • ECA wraps
    • Lease portfolio securitisations

    Workshop: Identifying and solving problems in complicated aircraft finance transactions.


  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme


  • Kenneth Gray

    My consultancy career has focused primarily on aircraft and other asset finance, and so all of my training courses draw on first-hand experiences, insights, and examples.


    Kenneth Gray is regarded as a foremost expert in Aviation Finance and Aircraft Leasing. Kenneth trained as a barrister before joining Norton Rose Fulbright, a leading international law firm, in 1986. In 1990 he moved to Paris to found Norton Rose Fulbright’s office there. He was elected to the partnership in 1993 and returned to London in 1999, before retiring from the partnership in 2001. Since then he has continued to work as a consultant at Norton Rose Fulbright in addition to providing legal training. His practice at Norton Rose Fulbright consists primarily in representing airlines and banks, as well as the export credit agencies of several European countries, in implementing complex cross-border finance transactions – and advising them on work outs when the borrower encounters financial problems. Kenneth has won numerous awards, including being voted one of the top 20 aviation lawyers in the world by the Best of the Best Guide and one of the Hot 100 lawyers in the United Kingdom as voted by The Lawyer Magazine. He has been involved in many ground-breaking transactions over the years, including Jane’s Transport Finance “Aircraft Innovator of the Year”, and the Airfinance Journals’ deal of the year on four occasions. Kenneth is qualified as a solicitor and as an avocat at the Paris bar.


etc.venues County Hall

"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact and one of our partners will help you get the best rate possible."