In a reprieve for many UK-based private boat owners, the British Government intends to waive the three-year condition on Returned Goods Relief, as Yachting Monthly reports.
Pending changes to legislation will mean that vessels that have been based in the UK at some point in their current ownership will not be recharged VAT on return to British waters from the European Union.
While welcoming the news, the Royal Yachting Association added: “We are fully aware that there are those who own boats legitimately bought and kept in the EU when the UK was a member state which have never been in the UK.
“We continue to press the government to recognise that export for these boats took place at the end of the Transition Period … As such, the government should accept that the export/import condition for Returned Goods Relief is deemed to have been met.”
Yachting Monthly has more on the story HERE.
