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VAT on Virtual and Online Programmes

VAT is applicable on virtual programmes to delegates attending from the UK*. If participating from the EU, a valid VAT number is required to ensure VAT will not be charged under the reverse charge mechanism. VAT is not applicable to attendees from all other countries.
*For virtual courses ran through our Asia office, VAT may be applicable to HK and Singapore residents only. Find out more by contacting


Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.

Claim the VAT that's rightfully yours in four simple steps:

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3. VAT IT processes your claim

4. Receive your refund

Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

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

Can I claim back the VAT myself?

You can 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.


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.

Aircraft Leasing

Investigate the issues of an Aircraft lease & learn day to day operations
  • "The training was excellent and everyone thoroughly enjoyed it. Kenneth is an excellent speaker."
    - Past Attendee, Aercap

    Nearly all aircraft operated by airlines in the twenty-first century are acquired under a lease.
    This course will investigate the nature of a lease, its contents and how it is negotiated from start to finish, beginning with the terms of a letter of intent and finishing with the delivery of the aircraft.

    You will learn to identify the issues that really matter during the negotiation process: identifying and allocating risk; maintaining maximum operational flexibility; keeping within market standards; and complying with legal and regulatory requirements.

    We will consider the principal provisions of a lease and engage in highly interactive workshops in which we will learn negotiation techniques and strategies to better protect the parties’ position.

    This is an essential course that you should not miss!

    By attending this practical and highly interactive three day training course, you will:

    • Understand how to complete an aircraft lease - from letter of intent to lease to delivery
    • Learn how to negotiate the key provisions of an aircraft lease
    • Understand the financial risks involved in aircraft leases and how they can be allocated
    • Learn how the provisions of a lease can affect the day-to-day operations of an airline
    • Understand how the provisions of a lease need to be adapted to reflect the legal and regulatory environment
    • Learn to balance commercial flexibility for the lessee with the interests of the lessor
    • Featuring: Highly interactive workshops in which you will learn negotiation techniques and strategies
    Past attendees of Aircraft Leasing include:
    • BNDES
    • Airbus SAS
    • Nord/LB
    • Aircastle
    • CIT Aerospace
    • AerCapNorwegian AirShuttle ASA
    • Webber Wentzel
    • Baker & McKenzie LLP
    • Lloyds Banking Group

    Note - A good level of spoken and written English is required to attend this course. Delegates should be of an intermediate standard in English at a minimum. Please refer to the Common European Framework of Reference for Languages - as a guide the level required is B2. 


  • Day 1

    An Introduction to leasing
    • What is a lease?
    • Operating leases and finance leases compared
    • The essential provisions of a lease
    • Registration, maintenance, insurance, return conditions Overview of the contents of the lease
    • The structure of a lease
    • What the different clauses are intended to achieve
    Letters of Intent
    • What should a LoI contain?
    • What detail does it need it go into?
    • Is it legally binding?
    • Workshop
    Workshop: Definitions used in the lease
    • Some of the more important defined terms and their consequences
    • In what context are they used and why are they important?
    • What may be negotiated?
    Representations and Warranties
    • What purpose do they serve?
    • Should they be repeated?
    • Workshop: Negotiating the representations and warranties
    Quiet Enjoyment
    • Who might be entitled to interfere with the lessee’s quiet enjoyment?
    • What protection can the lessee ask for?

    Day 2

    Delivery and Acceptance Procedures
    • Inspection procedures
    • What is meant by “as is, where is”
    • ACG vs Olympic
    The Financial Provisions of the Lease
    • The “Hell and High Water” clause
    • Deposits
    • Financial risk under the lease
    • Increased Costs
    • Market disruption
    • Indemnities
    • Workshop
    • The general tax indemnity
    • Withholding tax
    • VAT and similar taxes
    • What exclusions can be accepted?
    • Workshop
    • EU Emission Trading Schemes
    • Eurocontrol and other liens
    • Restrictions on the Operation of the aircraft
    • Dealing with Sanctions
    • Subleasing
    • Workshop
    The Cape Town Convention
    • What does it cover?
    • How does it impact on the documentation?
    Maintenance Obligations
    • To what standards does maintenance need to be performed?
    • Complying with airworthiness directives
    • Cost sharing
    • Payment of Maintenance Reserves

    Day 3

    Insurance, loss and damage to the aircraft
    • What insurances are required for the aircraft?
    • How are insurance proceeds paid out?
    • What happens if the aircraft is damaged?
    • Casualty occurrences in relation to engines
    Events of Default
    • What is the purpose of the event of default clause
    • Some key events of default
    • Specific concerns of airlines
    • What to do following an event of default
    Contractual Redelivery
    • What should be in the return conditions?
    • What happens if the lessee fails to comply with the Return Conditions
    The impact of a lease on the business and operations of an airline

    Delegates will be asked to consider how a lease might impact on an airline’s business and operational flexibility, including:
    Wet leasing and dry leasing the aircraft

    • Changing where the aircraft is based
    • Compliance with EU ETS legislation
    • The consequences of damage to the aircraft
    • Disposal by the lessee of its assets: does it need the lessor’s consent?
    • Changes in the ownership of the lessee
    • Changes in the insurance market- what rights does the lessor have?
    • Customer care arrangements with maintenance providers
    • Establishing whether an event of default has occurred
    • Patent and latent defects in the aircraft
    • When the lessee redelivers the aircraft
    • Dealing with sanctions
    Feedback and Close

    Also by Kenneth Gray: Aviation Finance - reviewing and understanding the financing options and structures on the market. Contact us for details and dates

  • 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 – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
    • Knowledge – our 100+ 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 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
This course can be run virtually online or as an in-house, tailored learning solution


  • 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.



The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact and one of our partners will help you get the best rate possible.