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Readers Forum: Vintage car

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25 May 2021

Issue: 4793 / Categories: Forum & Feedback

VAT issues on importing classic car.

I have a client who is looking to do a business deal with someone he knows in Australia but I am confused about the VAT position.

My client and the other person will purchase a classic car jointly as a partnership – it is 45 years old and is currently owned by an Australian collector.

The car is situated in Sydney. The purchase price will be a bargain figure of about £750 000 with an estimated selling price of £1m. They intend to split the profits equally.

The sale is most likely to be to a dealer or collector in America or the UK.

My client’s partner has said that if they sell to America they will ‘get the VAT back’. I am not sure what he means and he may even be referring to customs duties.

Could readers share their thoughts on the UK VAT and duty...

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Readers Forum: Vintage car

© Copyright LexisNexis 2024. All rights reserved.

25 May 2021

VAT issues on importing classic car.

I have a client who is looking to do a business deal with someone he knows in Australia but I am confused about the VAT position.

My client and the other person will purchase a classic car jointly as a partnership – it is 45 years old and is currently owned by an Australian collector.

The car is situated in Sydney. The purchase price will be a bargain figure of about £750 000 with an estimated selling price of £1m. They intend to split the profits equally.

The sale is most likely to be to a dealer or collector in America or the UK.

My client’s partner has said that if they sell to America they will ‘get the VAT back’. I am not sure what he means and he may even be referring to customs duties.

Could readers share their thoughts on the UK VAT and duty...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Issue:

4793

Categories: Forum & Feedback [1]

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