All details are correct at the time of publishing.

Yacht owners brexit. Many commercial yachts are owned within a company established in an EU country Malta is a popular one and they pay their taxes according to EU law. As most chartered yachts are already owned by a company the changes may not that be significant depending upon what the set up was before Brexit. It seems clear post Brexit that yacht and aircraft owners operators who have not validated their respective importation and free circulation status of their asset may potentially be facing a tax authority challenge that may result in a significant tax.

Its not all bad news. The first issue is to maintain your EU Goods Status. This is how you do it.

Sarnia are committed to providing an all-encompassing corporate and yacht management service including managing VAT so should you wish to discuss any aspect of Brexit or indeed anything else relating to your yacht ownership or operation then please feel free to contact us on 44 023 8212 6400. TA is only available to non-EU owned assets which UK owned yachts will be after 31 December 2020. We cover many different types of vessel so youre sure to find the right cover for your craft.

If you return after this date you will be liable to pay VAT again based on a new valuation of your boat. British yacht owners with boats moored in the Mediterranean have been thrown a temporary lifeline after the UK government delayed plans to force them to pay a double tax bill on their vessels after. It is important for yacht owners to ensure any relevant documentation that can be used to demonstrate their yachts location at 11pm UTC on the 31st December 2020 is retained in order that the status and movement of the yacht post-Brexit can be determined accordingly.

For owners who dont have these documents HMRC said it may consider alternative evidence such as a sales invoice. As the UK nears the end of its Brexit transition period on December 31 the situation for long-term cruisers and UK owners who keep their yacht in. 44 01732 223 650.

You have until 31 December 2021 to get your boat back to the UK. The Cruising Association CA has warned skippers that they need to prepare now for the bureaucracy of sailing post-Brexit. Following the end of the Brexit transition period there should be no reason why a UK registered commercially registered charter yacht will not still be able to charter within the EU provided that the owning charter company follows all relevant fiscal obligations and provided that there are no regulations at a national level that specifically prohibit the charter of yachts registered in third countries for example Greece currently prohibits the charter of non-EU flagged yachts.