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#1 Vat and import duty
Posted: Sat Dec 05, 2020 11:54 am
by phoenix
Soon there is going to be a 20% tax levy (presumably dealers) on classic cars plus a 10% duty on imported cars as well . This will hit the imported E Types. Bryan S1 build
#2 Re: Vat and import duty
Posted: Sat Dec 05, 2020 12:40 pm
by mgcjag
Is that just a statement. ..or question
also please note that we have other sections to post in..this is the Welcome section....you have been on the forum a while now so could you please put your name and car model in the signature area.......thanks..Steve
#3 Re: Vat and import duty
Posted: Sat Dec 05, 2020 4:59 pm
by chrisfell
Second hand cars already have VAT included in the price. It has always been thus. The only people who need to know about VAT on cars are motor traders. They account for VAT on a margin scheme basis. VAT is remitted on the difference between a car’s purchase and sale price, not on the whole of the sale price, as most cars sold second hand are ‘bought’ from non VAT registered sellers - people like us trading cars in, or selling then for cash to traders. As for the rest of us, whether we buy a car from a dealer or buy one privately, the money we pay already includes VAT.
The story going around is scare mongering by someone, who wants to create mischief.