Government

HM Revenue and Customs (HMRC) has announced a 6-month extension to the 1-year grace period previously put in place by the government for returned goods relief. The announcement follows representations from the Royal Yachting Association (RYA) and British Marine asking for a 3-year transition period. The organisations say the 1-year period of grace effective from 1 January 2021, in respect of the three-year condition for RGR, was not sufficient as many factors affect the repatriation of vessels, including travel restrictions, the Schengen area immigration restrictions, insurance restrictions and the length of sailing season.

The new announcement extends the grace period for RGR until 30 June 2022 for all goods including recreational craft, regardless of when Continue reading “Returned goods relief grace period post Brexit extended by six months”

The Royal Yachting Association (RYA) and British Marine (BM) are adding their voices to the campaign to challenge HMRC’s post-Brexit plans for private leisure craft and the implications thereof.

The marine industry bodies say that they’ve been working for some time to establish what the future holds for recreational boaters now that the transition period has ended and to clarify what measures the Government intends to put in place for VAT, import duty, Returned Good Relief (RGR) and Temporary Admission (TA).

With a view to address the issues of concern and develop workable guidance, the RYA and BM have endeavoured to engage with various HMRC policy teams to provide sector knowledge and experience. Continue reading “Two prominent British membership organisations join the campaign to challenge HMRC’s post-Brexit plans”