Value for VAT purposes on import to UK

[Mr Googler]

She already came up on Peters and May ship - picture below is Southampton docks unloading. Was in Swanwick for a while last November. In Jersey atm and will be back in Swanwick (for annual maintenance and then BYMS) as soon as I get a nice northbound x-channel weather window, mid February onwards. Sorry for thread drift - I'll make another thread sometime.
Sanlorenzo Yachts UK on LinkedIn: We're delighted to welcome this incredible Sanlorenzo SL96A to our base in…

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I bet that photo didn’t worry you at all!

 

[JasperLeonson]

If you didn't buy it recently the value is the market value not the price you paid for it. I can link you to the law on that if you need it. Sometimes (in my experience on only a couple of occasions) UK customs/VAT folks take their own view on value, but more likely they will ask you to get a letter in support from a yacht broker, which should be easy.

HMRC's website is here. You are not in Method 1 territoy. You are in Method 2-3 or possibly 6, but it doesn't matter because they all point to the same answer = current market value not the price you paid 3 years ago.
Working out the customs value of your imported goods

Really helpful thread...thanks all. I am UK-based and looking at EU boats too, so good to know VAT is based on market value, not original price. The CE mark info is a relief as well!

 

[JasperLeonson]

Still suffering the dreaded lurgi and unable to actually go look at any boats, I've taken to browsing abroad and there are a few interesting ones around.
I appreciate that if I buy in EU (or Norway, I have to pay VAT if I bring it into UK but, if I do that, say, 3 years after I buy it, is the value for tax purposes still the invoice value or is it depreciated or current market value?
I guess another option is to become resident in an EU country but I believe that gets messy when I eventually get state pension.

If you bring the boat back in, HMRC will likely look at its current market value,not just the £500 on the receipt. Even if it was “free,” they may assess VAT based on what similar boats are worth. A broker’s letter can really help clarify things.