NYB Kent offers Customs Warehouse Scheme to its customers
Customs Warehouse Scheme offered by NYB Kent – as the majority of people know unless your boat is VAT paid or can be deemed VAT Paid it cannot be offered for sale in the UK unless it is lying outside the UK.
However, the Association of Brokers and Yacht Agents (ABYA) has devised a scheme with HM Revenue & Customs, known as “The Customs Warehouse Scheme” so that boats may be offered for sale within the UK without paying the VAT up-front, and the VAT is settled on completion.
As a full member of ABYA, Network Yacht Brokers Kent can offer the Customs Warehouse Scheme to its customers. Effectively the boat is imported in the usual way, using a shipping agent, and the appropriate Customs form completed with the necessary details. When the boat is sold, if it stays in the EU, the VAT becomes payable on the sale price, and if it goes back out of the EU, the VAT is not payable.
HM Revenue & Customs
A limited number of brokers are authorised to offer this Customs Warehouse Scheme. ABYA charges the broker a fee per boat to enter the scheme. To be admitted into the scheme a boat must have a minimum marketing value of £80,000. The scheme is not available for re-fits or other major works, but maintenance and remedial work can be done, such as an osmosis treatment. Boats may be taken to boat shows and for sea trials, as well as the usual viewings by prospective purchasers.
If you are thinking of bringing your yacht or motorboat back to the UK to sell and its currently not VAT paid and want to find out more about the Customs Warehouse Scheme then email Peter Norris at kent@clarkeandcarterkent.co.uk
