Commentary

BB/12B/97 Taxable acquisition of yachts in the United Kingdom

Part V16 Forms and other HMRC material

BB/12B/97 Taxable acquisition of yachts in the United Kingdom

BB/12B/97 Taxable acquisition of yachts in the United Kingdom

Business Brief, Issue 12. 5 June 1997

Customs and Excise have agreed to introduce a temporary arrangement concerning the liability to account for VAT on the taxable acquisition of yachts in the United Kingdom, in certain limited circumstances. This follows representations made on behalf of owners of large yachts and is effective immediately.

Where a VAT-registered business in the United Kingdom buys a yacht from a supplier in another member state, and the yacht is being removed from that member state to the place where it will be hired on charter, acquisition VAT

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