UK Revenue & Customs publish brief on the VAT treatment of pleasure yachts
Revenue & Customs Brief 56/09
On the 26 August 2009 the UK HM Revenue & Customs service (HMRC) published Brief number 56/09 (www.hmrc.gov.uk/briefs/vat/brief5609.htm) regarding the VAT treatment of yachts involved in chartering or leasing activities.
The impact of the brief has yet to be fully considered and determined, but it clearly establishes the HMRC view on the ownership and use of vessels which will result in a saving or deferment of VAT.
We will be working with the relevant authorities, professionals and with our clients to determine how the Brief will affect individual cases, providing assistance to deal with the ramifications of the Brief as issued.
