New vrt rates question

[rebel.ranter]

No, there's no time limit. Both of the conditions needs to be met in order to avoid paying ROI VAT.

However, if a car has less than 6,000km on it or is less than 6 months old it is considered "new" for VAT purposes by HMRC. My experience buying our old F31 which was 13 months old with 1,800 miles on it was the the UK vat could be reclaimed once evidence was provided of ROI VAT being paid. There was a particular form which the dealer had to submit to HMRC to do this and it took a few weeks but I got the money back.

Thanks John the VAT is calculated AFTER VRT right?

[JohnH]

Thanks John the VAT is calculated AFTER VRT right?

No, VAT is before VRT.
VAT is levied at 23% of the Euro equivalent of the GBP ex-VAT price (whether or not you can reclaim UK VAT)
VRT will be the % of the OMSP of the car here, regardless of your cost to bring it in. For something old with micro mileage they will ring around a number of trusted dealers and ask their view of what the price of the car would be if they brought it in.

[Ketron]

Thanks John the VAT is calculated AFTER VRT right?

Woops, VAT before VRT (VRT Exclusive!)

https://www.revenue.ie/en/tax-profes...r-vehicles.pdf

[Roberto]

Quick Q about VAT on an imported car.
..................
I've done a bit of Googling on this & I cannot find anything definitive, I was just wondeirng if anyone had encountered this before.

All likely to change with the impending implementation of Brexit? Currently, cars from outside the EU are subject to VAT, UK now likely to be in same position. Or am I mistaken?

[wcooba]

All likely to change with the impending implementation of Brexit? Currently, cars from outside the EU are subject to VAT, UK now likely to be in same position. Or am I mistaken?

Transition period will last until the end of 2020 so nothing changes till then. In case of no trade deal (unlikely) or transition extension UK cars will be subject to vat and customs duty (10%).

Sent from my Nexus 9 using Tapatalk

[Roberto]

Thanks for the correction, much appreciated

[rebel.ranter]

At the Cork Cars & Coffee there wa s afew guys with F10 M5s and they were saying that th eVRT on them is now less thanonan e60 M5! They were saying €6,600 was VRT on a 2012 F10 M5and €7,800 on a late model e60 M5. Anybody else notice weird changes like this?

[dergside]

Anomalies like this always exist in the VRT system. Generally, examples like this arise because there haven't been many or any e60's imported recently and the Depreciation Code is a legacy that hasn't been revisited in some time. There have probably been a greater number of F10's in recent times so the Depreciation Code is probably more reflective of their view of the OMSP.

[dergside]

A good example is an e63 635d vs. F12 640d. For the crossover year of 2011 the VRT on the 635d is ~€5k while the VRT on the 640d is ~€1500. CO2 group difference contributes to this but the OMSP for the e63 is ~€16k vs ~€6k for the F12.

[Peter-E36]

Not relevant to diesels but I’m interested in what this means for importing an M car.

Not sure if I’m calculating correctly but looks like for an F8X M you’ll be at the €600 cap.

Since we hit 2020 I checked the VRT calculator on ROS for a 2014 M4 and it’s now giving a figure of €10,852. I wonder if one of these will be an attractive import proposition this year.

So a the same as on a 12 year old E92 M3... amazing.

Good news if you want an M4 though.