1. MARTYN FIDDLER TAX Customs, VAT & Yachts
Adrian Jones
Tax Director
31st May 2017
MARTYN FIDDLER TAX

2. Martyn Fiddler Tax Customs, VAT & Yachts

3. How many EU countries have no coastline?
MARTYN FIDDLER TAX

4. How many EU countries have no coastline?
Luxembourg;
Hungary;
Austria;
Czech Republic;
Slovak Republic.

5. Lots of maritime law/rules:
Insurance
Class
Flag
Port State
MLC
VAT
NI/Social Security
Corporation Tax

6. How to bring your yacht to the EU?
Temporary Admission:
Not in free circulation, not VAT paid
Import
Pay VAT
Pay and reclaim, VAT registration (Isle of Man, Malta)

7. VAT and Insurance Companies
Insurance companies do not charge VAT
Insurance Companies do not claim back VAT
What if insurance companies have to repair or sell a yacht?

8. Repair Work

9. Repair Work Place of supply, where work to be carried out
TA yacht – a yacht can enter for works under IPR
Specific Relief
Yacht must leave the EU on completion
VAT Registration – use registration to make the repair VAT efficient
Private VAT paid yacht – VAT must be paid in the EU

10. Sale by insurance company
What if yacht becomes property of an insurance company?
Acquisition by insurance company is not a sale/purchase.
Insurance company cannot recover VAT, but what about sale?
Yacht is not VAT free commercial sale – probably cannot charter.
VAT should be charged on sale of scrap/parts
Possible “private sale” exemption if yacht acquired by way of insurance claim – check locally.

11. MARTYN FIDDLER TAX Adrian Jones Tax Director Adrian@martynfiddler.aero