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No resolution on VAT proof
01 Dec 2005
"The problem is lots of people have lost VAT invoices and receipts or stamped import documentation hasn't been passed on when the boat's been sold, " said Jane Gentry, chief executive of the YBDSA.
The two associations had a meeting with HMRC Policy Unit for VAT on yachts to discuss the problems associated with providing documentary proof for yachts that were VAT paid both to UK and other EC authorities and to used boat buyers alike.
ABYA chairman Tim D'Alton told BB: "HMRC agreed that they would issue a public notice in time for the London Boat Show in January 2006 clarifying present regulations and various scenarios of what constitutes to them the necessary proof."
HMRC says it will be present at an EU commission meeting in Brussels in December 2005 and will bring up the subject on how to harmonise and agree the checking of this proof within the various EU members, he added.
"The notice will clarify the situation, but it won't resolve it, " said Gentry. "But the message is to boat owners to ensure they keep all their VAT documents safe and to make sure they pass them on to the new owner when they sell the boat."
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