Re: taxes

["Philip Guy" <peninsula.ifa@xxxxxxxxxx>]

Jim Gillespie wrote>
>     However, as we're still part of the EC, you can find out which EC
> country has the lowest price, buy your bike there and have a nice
> holiday riding it back to the UK :-)
>     Of course if you do buy a vehicle abroad it will probably make you
> unpopular with your local dealer if you need to have any warranty work
> done, which brings us neatly back to the discussion about how mean
> Triumph are when it comes to paying dealers for performing warranty
> work...

Sorry Jim if my last analysis was depressing, but I find it difficult to be
upbeat about Taxes unless it were possible to make a real financial killing.

To follow on from my last post which was relating to importing New Bikes to
the UK from a non EC country (specifically the USA).  I understand the rules
to be that if you import a new bike from an EC country then there would be
no UK duty to pay except any which is applicable in the country of EC
registration that you bought your bike, so it would be wise to find out the
duty inclusive price when negotiating.  Thereafter you would only have to
pay the VAT in the UK.

However, HM Customs and Excise say that many foreign dealers are having
problems making VAT exempt for export sales, so what is happening more
frequently is that you would have to pay the VAT in the country of
registration at whatever their rates applicable and then again in the UK at
17.5 per cent.  Once you have proof of importation (exportation) you can go
through the fun process of reclaiming the VAT from the country of
registration.

You would again need to work out the cost effectiveness verses the fun and
hassles.

Phil Guy




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