Our understanding regarding the consequences of Brexit over yachting is the following:
- VAT paid yachts outside the European Union at the end of 2020 will lose their status unless reimported in the EU27 within 3 years under the returned goods relief (the returned goods relief would be available even if the VAT was paid in the UK).
- VAT paid yachts inside the EU27 at the end of 2020 will keep their status (even if the VAT was paid in the UK).
- The UK established company are not forced to designate a fiscal representative and their EU27 VAT numbers are still active.
- Northern Ireland established companies will remain subject to EU tax regulations and will be granted VAT numbers under the code XI. In this case, there will be no need to file customs declarations as instrastat rules remain in force.
We remain at disposal should you need more information,
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