Nito
Active member
Hello folks,
Sorry to bring up the B word. We're considering purchasing a boat from the EU. With the Brexit transition date looming and preparing for a worst case scenario so to speak, if one were to buy a boat prior to the transition 31.12.20, one would assume no Vat would be due.
But reading around the various sources, would it be correct to say the boat would have to physically be in the UK prior to the 31st December? In which case, the technicalities of getting the purchase and invoice done, boat physically brought in (and UK registered?) may come into play!
When one buys a boat from the EU, how is it registered in the UK? I read about the UK ship register 'part 1' and the lighter part 3 SSR. It seems that the Part 3 is just to add the boat to the register to prove nationality but doesn't verify ownership as a part 1 would. Would I have to go for a part1 (which would include a tonnage check) to get official ownership 'papers'? What has anyone else done who has purchased/brought a boat in from the EU?
If the boat was purchased before the deadline and invoiced but sat in the EU, I guess it could become liable to 20% vat?!
I'm tempted to wait it out and see what actually happens post 31st December than rush in now, but if 20% vat becomes payable than the boat in question would have to be ruled out!
Any help or advice appreciated...
Thanks
Nito
Sorry to bring up the B word. We're considering purchasing a boat from the EU. With the Brexit transition date looming and preparing for a worst case scenario so to speak, if one were to buy a boat prior to the transition 31.12.20, one would assume no Vat would be due.
But reading around the various sources, would it be correct to say the boat would have to physically be in the UK prior to the 31st December? In which case, the technicalities of getting the purchase and invoice done, boat physically brought in (and UK registered?) may come into play!
When one buys a boat from the EU, how is it registered in the UK? I read about the UK ship register 'part 1' and the lighter part 3 SSR. It seems that the Part 3 is just to add the boat to the register to prove nationality but doesn't verify ownership as a part 1 would. Would I have to go for a part1 (which would include a tonnage check) to get official ownership 'papers'? What has anyone else done who has purchased/brought a boat in from the EU?
If the boat was purchased before the deadline and invoiced but sat in the EU, I guess it could become liable to 20% vat?!
I'm tempted to wait it out and see what actually happens post 31st December than rush in now, but if 20% vat becomes payable than the boat in question would have to be ruled out!
Any help or advice appreciated...
Thanks
Nito