IOM Yacht Registration?

[dewent]

Thinking of a new boat in 2013. Had heard its an idea to register the boat in the Isle Of Man to keep the VAT down. Anyone know anything about this?

 

[BrianH]

Thinking of a new boat in 2013. Had heard its an idea to register the boat in the Isle Of Man to keep the VAT down. Anyone know anything about this?

It could be you are out of my boat class, but I looked into this years ago and immediately rejected it on cost grounds as totally unsuitable. Like many of the open registers they are looking for mega-yachts, not my sort of 10m one.

Isle of Man fees:

• Annual registry fee which is not tonnage-based
• Set at £1000 (approx $1,600) per year

They have only 130 <24m yachts on the registry - easy to see why.

 

[jimbaerselman]

Thinking of a new boat in 2013. Had heard its an idea to register the boat in the Isle Of Man to keep the VAT down. Anyone know anything about this?

IOM VAT is 20%, so what's the gain?

 

[doug748]

Check this out. You need to be "non UK resident":

http://customs.hmrc.gov.uk/channels...HMCE_CL_000153&propertyType=document#P67_7090

 

[Tranona]

Thinking of a new boat in 2013. Had heard its an idea to register the boat in the Isle Of Man to keep the VAT down. Anyone know anything about this?

VAT is unconnected with registration. It is a tax on buying a boat and liability is determined by where the boat is sold. The seller is responsible for accounting for the tax, so whoever you buy the boat from will charge you VAT on the invoice price. The only way you can avoid VAT is to immediately export the boat from the EU - but then you cannot legally use it in the EU. As VAT rates vary across the EU you can have the boat delivered to a country of your choice - but as they are mostly higher rate than UK usually not worth it.