Just read classic cars purchased after end of this month will attract 20% vat on top,plus if you import one,anther 10%.
Must find out if this is proper news.
So it must target classic car dealers rather than private sales ?
https://www.express.co.uk/life-style/cars/1364826/classic-cars-uk-vat-tax-rise-costs-brexit-transition-period (not a tabloid reader, came up on
google)
The 10% has been about on imported cars for 10 years.
The 20% seems to be if you import from europe. Which is logical. As we are no longer part of the EU so will now pay VAT on anything we import. Just as
we have been doing with the rest of the world at present.
But if a classic car that was made in the UK, but now lived in Europe , that the tax has already been paid in the UK at the sales point, and again
when imported into Europe, so it cant be taxed on its return, to the UK, as all the tax has been paid ?
Not that i am any expert on tax, but i have just won a year battle with HMRC who have effectively taxed my Father twice, although its not quite as
simple as that, and i deposited a nice cheque for over 14k into my parents accounts today
steve
quote:
Originally posted by cliftyhanger
https://www.express.co.uk/life-style/cars/1364826/classic-cars-uk-vat-tax-rise-costs-brexit-transition-period (not a tabloid reader, came up on google)
The 10% has been about on imported cars for 10 years.
The 20% seems to be if you import from europe. Which is logical. As we are no longer part of the EU so will now pay VAT on anything we import. Just as we have been doing with the rest of the world at present.
blue passports made in Europe don't forget.
(i don't believe thats brexit related but i find it funny)