Graemesig wrote:Hi CBX folks,
My first post!
I am looking for my first CBX. I have found one abroad that has got 1,500km from new! I am thinking of buying it, but it is expensive enough at £24,000 and I am worried that I have to pay VAT on top, even though it comes from the EU and so VAT was already paid 40 years ago. I have been trying to research the rules, but these seem confusing. The difficulty is that I found reference to a rule that vehicles are considered “new” if less than 6 months old OR have less than 6,000km.
There are other references to rules for importing classic cars, but no mention of whether they apply to bikes. For cars coming from outside the EU, where 20% VAT would normally apply, there is an exemption for “vehicles of historical significance”. I also found mention that for cars over 30 years old, VAT is reduced from 20% to 5 %.
So, in summary - this bike is 39 years old, has 1000miles on the clock, and is imported to UK from the EU.
Does anyone know if I would need to pay 20%, 5%, or no VAT at all?
Thanks for any advice,
Graeme
Graemesig wrote:So..... the update is:
I checked with HMRC by phoning them. It took a while, but in the end I got through to the right department. They confirmed:
- VAT is due on an import from the EU if it is considered "new"
- "new" means less that 6 months old OR less that 6,000km
They recognised the irony of a 40 year old bike being considered new, and told me that when I complete the NOVA import procedure, it MIGHT be that they decide no VAT is due.....but they might not.
They stated that they would not consider the case and make a decision, before the bike is imported. My only choice is to find out if VAT is due after I buy it and import it.
After all that, I decided to buy it anyway. I collect it from Holland on the 27thI guess an opportunity to buy a mint Z with less than 1000 miles on it doesn't come round that often.....
I hope those who replied saying there is no VAT due are correct, as HMRC could not confirm this. I am obliged to state the mileage on the NOVA, and don't feel like submitting a false statement. They anyway ask for a copy of the invoice, which states the mileage.
The good news, is that after years of waiting, I am now a CBX owner.
Can't wait to ride it.......
Return to Daily Discussion: By, For & About CBXers
Users browsing this forum: No registered users and 5 guests