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Old 22-01-2011, 14:28   #1
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Help with VAT

I am wanting to buy a new boat in the Uk and take over to BVIs and keep in the area. Does any one know
1. How long before I have to have her out of EU waters before coming
liable for VAT ?
Thanks
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Old 22-01-2011, 14:41   #2
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if you intend paying vat at purchase in the uk the vessel is deemed vat paid so you can come back at any time to the eu.

should you export the vessel without paying vat as a resident of the bvi,you will get 18 months before having to import the vessel in to the eu.

if you are an eu resident,vat is payable on purchase,if you manage to avoid this,it is payable immediatly the vessel arrives in eu waters.

no i'dont work for the tax office but elected to import and pay vat on my yacht,as i changed my status from non res to resident that is more than 185 days in an eu county and pay tax there.
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Old 22-01-2011, 14:41   #3
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I believe member goboatingnow can answer your question, farmer. If he doesn't see and respond to this thread within a couple of days, you might send him a PM (Private Message) and ask your question directly.

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Old 22-01-2011, 14:45   #4
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If you claim VAT Exemption on the purchase of a new yacht and take it out of EU waters and stay there... you won't be liable for VAT... until you want to bring her back... not sure if they'd hit you for what you paid... or what it'd be valued at on the day... whichevers higher probably...
Dunno if they'd stick you in the BVI's though... I'd check that out....
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Old 22-01-2011, 14:45   #5
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It's 90 days, with less than 100hrs on it. Data taken from the HM Customs website, HM Revenue & Customs

Quote:
Boats which are more than 7.5 metres long (about 24.6 feet) and no more than three months old (since first entry into service) or have travelled under their own power for no more than 100 hours, qualify as new means of transport. Suppliers and purchasers of these boats must comply with the conditions set out in Notice 728 New means of transport where the boat is to be removed to one of the new Member States after midnight on 31 December 2006.
Not sure if the BVI counts as an EU tax area though.
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Old 22-01-2011, 14:52   #6
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Quote:
Originally Posted by simonmd View Post
It's 90 days, with less than 100hrs on it. Data taken from the HM Customs website, HM Revenue & Customs
Not sure if the BVI counts as an EU tax area though.
Was thinking more along the lines of they being linked to the UK they may have their own form of tax to cover a loophole....
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Old 22-01-2011, 19:18   #7
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If you are buying new you can avail of the UK VAT rebate scheme ( the sailaway scheme ) http://www.hmrc.gov.uk/manuals/vswbmanual/index.htm

When you return to the EU the vat will be immediately due. It will be accessed on the current financial value of the boat which could be well below the Market value. But it's a haggle between you and customs.

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Old 01-02-2011, 13:01   #8
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Aloha and welcome aboard!
You've already gotten some good info.
kind regards,
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