You have until 31 December 2021 to get your boat back to the UK.
Yacht owners brexit. This applies to any vessel of any flag where VAT was paid in the UK. Naturally boats owned by UK residents which are VAT paid and sitting within UK waters as at 23h00 hours on Thursday 31 st December 2020 will be accepted as VAT paid in the UK. 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.
HMRC has confirmed to Yachting Monthly that customs checks would apply to all vessels regardless of size and documentary evidence would include the original invoice or receipt evidence that VAT was paid at importation or invoices for material used if owners built their own boat. For owners who dont have these documents HMRC said it may consider alternative evidence such as a sales invoice. UK owned private vessels which would have previously been subject to VAT if they were to be used in the EU will now subject to certain conditions be eligible to enter the EU under TA.
It must return to the UK within the timescale under the same ownership under which it left without having undergone extensive refit work. All details are correct at the time of publishing. 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.
The location of the yacht on the day of Brexit may affect the Customs and VAT status of the yacht and therefore the following scenarios may be possible as recently published by the Royal Yachting Association. 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. Boat Owners Brexit Haven Knox-Johnston.
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 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. TA is only available to non-EU owned assets which UK owned yachts will be after 31 December 2020.
Temporary Admission TA after Brexit. On June 23 the asking price was the equivalent of 128916113 whereas by July 5 that sum had risen to 143341815. 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.