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Are you a prospective buyer or existing owner of a boat in the EU? Are you looking to import a vessel into an EU member state? Then the issue of VAT is an essential one to consider. It is a tax on what is referred to as consumption and is levied by the government of each member state. Yachte is also chargeable on cruising yachts for sale uk tax, irrespective of ownership, which spend more than 6 months in any calendar year cruising in the EU, although there is scope to enable an owner to use a yacht in the EU without cruising yachts for sale uk tax liable for VAT.

Yacht owners should be aware that each member state has a certain level of discretion as regards the interpretation, implementation, administration and cruiising of the EU legislation regarding VAT. This can cause difficulties in interpretation and of course why different member states charge VAT at different rates. Normally, VAT laws of the member state are enforceable by the relevant customs authority. Please note, however, that if you spend more than 6 months in some countries you may become subject to local regulations.

Alternatively, you must keep on board the document s issued by Customs or other relevant authority stating the reason for any exemption.

A boat built before this date is deemed to have VAT paid status if it was in private ownership ccruising within the EU at midnight on 31 December Proof of this may be required by the local customs and can be difficult to provide as log books, marina receipts or invoices going back that far have often been lost or destroyed or simply not passed cruuising as ownership has changed hands.

If documentary evidence of the location of the vessel on 31 December cannot be provided you should provide whatever documents you have so that the local customs may form a view as to the location of the boat based on the documents you do. Some sales have fallen through because such information cannot be provided and yacbts potential buyer has an increased risk of being stopped and fined for a not having a VAT paid boat.

If cruising yachts for sale uk tax yacht is advertised as VAT paid it is important to request documentary evidence of this from the seller or their broker. For yachts built after 1 January the VAT should have been paid by the initial purchaser or importer. Evidence could by way of a receipted invoice or VAT certificate.

Ideally you would want the original, but in the absence of this certified copies may be accepted. If the yacht is being sold by a company you will need to check whether it reclaimed any VAT paid when it purchased the yacht and thus cruising yachts for sale uk tax boat is now deemed VAT unpaid � a good point for brokers especially to consider.

If a yacht with VAT paid status is exported from the EU xruising will usually qualify for relief from having to pay VAT again if it is imported back into the EU within 3 years of its export, provided that it is imported by the same person who exported it, i.

However, this will not exempt it from any customs duties that maybe apply. If your boat will be exported for more than 3 years you should check the position with customs. VAT is payable on the happening of a chargeable event. A chargeable event occurs where the yacht is imported into the UK or is sold by a business in the course of its business. If the seller is VAT registered in another member state but the yacht is kept in the UK different rules apply in order to determine whether the VAT is due in the UK or the country of incorporation of the seller.

The general rule in the UK is that if the yacht has increased in value since the date of purchase by curising seller, VAT will be due on the amount by which the value has increased, even if VAT was previously paid cruising yachts for sale uk tax the purchase of the yacht and has not been reclaimed. The buyer will be liable cruising yachts for sale uk tax pay any VAT. If you are buy at yacht from a business that cruising yachts for sale uk tax not charge VAT on the sale or from a private individual in cruising yachts for sale uk tax EU and the seller advises that VAT has previously been paid, you should obtain evidence from the seller or broker that VAT has previously been paid.

In respect of yachts imported from outside foe within the EU, VAT should be paid at the time and place of import. It is assessed on the value of the yacht at the time of import. Customs will not necessarily rely on the value stated on the invoice or contract, they may seek valuations from brokers if they consider there has been an under-valuation.

Some customs authorities may be prepared to look at the documentation available and therefore any available receipts or slae books should be kept and may issue a letter of comfort that they yacht is considered by them as VAT paid. However, this is unusual and not a cruising yachts for sale uk tax that is slae in the UK.

In any event, such a letter is not proof that VAT is deemed paid. In respect of yachts build before 1 January and in the EU at midnight on 31 December such documentation and requests for a letter of comfort should be submitted to the customs authority in the country where the yacht was on 31 December Tax is rarely straightforward and VAT in relation to yachts is no different.

It is very rare that there is a simple yes or no answer. You should always obtain evidence of the VAT position before purchasing a boat.

This article is for general information purposes only and does not constitute legal or professional advice. It should not be used as a substitute for legal advice relating to cruising yachts for sale uk tax particular circumstances.

Please note that the law may have cruising yachts for sale uk tax since the date of this article. Clicking the Accept All button cruising yachts for sale uk tax you are accepting analytics and third-party cookies check the full list.

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Back 3 June Jonathan Hadley-Piggin. Should VAT have already been paid on the yacht, and if so, has it? Can a boat lose its VAT yacbts status? If VAT has not been paid, when is it due? What if the VAT status cannot be proven and there is no chargeable event?

Conclusion Tax is rarely straightforward and VAT in relation to yachts is no different. Share this article Facebook Twitter linkedin email. For further information please contact:. Other Recent Articles Keynote Why are housing associations applying to become registered charities?

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