Hello, I wonder if I could get some advice on vat. I have researched vat status extensively but still can't figure out my potential liability
I am considering buying a yacht lying in Greece from a uk resident. The boat Is advertised vat paid but no evidence is available. The vat should have been paid years ago when imported from turkey to uk but no evidence is forthcoming. The seller is prepared to adjust the price appropriately as the vat status is not proved or likely to ever be provable.
My problem is when, how much and to whom do I pay the vat? Arguably, normalising the vat is the owner's issue but I am keen to understand what is involved.
I plan to buy the boat via a uk contract and all monies are uk. The sale is not a chargeable event is it? Do I need to sail it to turkey and back to create such an event and then settle? (pita)
If I wait until I plan to go to turkey or Croatia and then return to eu am I committing an offence In the meantime and subject to not just the tax but a fine? Is the amount due the amount originally due (large as the boat was newer) or current value?
And is either the price paid, or my surveyor's valuation likely to be accepted by whoever I am due to pay the vat to? Or do I need to pay for another independent valuation later?
Any advice appreciated. Keen not to bear any significant risk of being impounded half way through a cruise and would rather get things straight.