Customs Warehouseing Scheme to operate with HMRC authorisation

A pilot scheme being run by HMRC and the Association of Brokers and Yacht Agents (ABYA) is being run to enable yacht owners to bring in boats from abroad to sell in the UK without having to pay VAT – leaving it up to the new owner to either import the yacht into the EU or keep it elsewhere.

Authorised brokers will be permitted under the scheme to offer a boat for sale, take her on sea trials, to boat shows and even carry out maintenance and remedial work without paying VAT. Once the boat is released to the new owner, VAT becomes payable only if the yacht remains in the EU.

Click here for more information on Customs Warehouseing Scheme in UK