vat off shore account

[mtb]

Is it the case that if one had an off shore account it would legal to get the vat back or for that matter are there excessive costs involved transferring money to an of shore account re buying a boat or other large purchase.
So where is the best place and which currency is preferred if I want to buy some thing in the EU.



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[DavidJ]

You save a little bit in Spain with only 16% VAT but the exchange charges will more than cancel that out. I've always wondered about Corsica because they have a French concessionary tax of 10% (as a softener to stop them becoming independant) but I'm sure it won't apply to Brits wanting to buy boats.

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[jfm]

Generally you pay VAT in the first EU country in which you locate the boat. There are ways to avoid or alter this, depending on the circumstances, but they have nothing to do with offshore bank accounts. Offshore bank accounts of themselves make no difference to VAT .

To suggest the best no-VAT structure from the many available requires more info. I mean, what type of boat, new or used, in which country is the dealer from whom you want to buy it located, in which country do you want to moor it, do you want to mortgage it, will it be used commercially or for charter, etc

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[Deleted User YDKXO]

As jfm says, off shore account has nothing to do with VAT status. There are special leasing schemes available for new boats which claim back VAT but the cost of these schemes negates some of the VAT saving and are really only suitable for larger boats (say £250k+). Alternatively, you could consider setting up a charter business which buys a new or ex VAT used boat and VAT is claimed back in the normal course of the business but I'm sure that the Revenue and HM Customs are wise to this sort of thing and you'll certainly have to negotiate a benefit in kind assessment for personal use. Also, if you operate the business as a UK company, its very difficult to claim back VAT paid in another EU country.
The only other alternative you have as a UK resident (I assume) is to buy a new or ex VAT used boat and base her solely in the Channel Islands but the first time you visit an EU port, VAT will be due immediately

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[Althorne]

The rate I spend money on my boat I reckon all my monies offshore eh lads.

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[mtb]

yes know that feeling. Some time ago a fella who had the same accountant as my self, used a tactic where by he set up a company off shore then purchased stuff and got all the vat back ! . The accountant was the best available re jewish in Edgeware LOL but he saved me tons and even like classic cars.
I just wanted to see how things were these days cos I'd rather save money to spend on more important things like the next boat

cheers
Mick

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