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May 2005 - Important -
HMCE change of ruling on EC returned cars |
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HMCE have announced changes of import taxes on EC
manufactured cars returning to the EC. Previously such vehicles
have been imported claiming relief from the 10% import duty under a
'classic car' waive within Returned Goods Relief. The definition
of a 'classic car' has been raised, and now any vehicle not granted
9705 status (a collectors item) is not considered a 'classic car' and
duty is now payable. 9705 status is now almost impossible to
achieve for vehicles. This change of ruling is also been backdated to
all EC returned vehicle imports from January 2004. |
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For private imports Customs are now taking £50 flat
rate of duty (providing a letter of origin from vehicle manufacture is
available to prove country of production) and 17.5% VAT.
Commercial imports are being taxed at 10% import duty and 17.5% VAT. |
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A number of importers are challenging this change
of ruling and Kingstown Shipping Ltd as a company have appealed
in writing. Letters of demand for Customs duty are being sent to
all importers of EC returned cars between January 2004 and present.
Letters of appeal are also being lodged by importers on receipt of
these letters. |
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15 January 2005 - Marine Insurance
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Due to FSA legislation effected 15 January 2005
marine insurance
must now be purchased through a regulated broker. Marine
insurance is optional; for further information, policy advice, and
marine insurance cover please contact
our insurance broker Stewart Johnson of
Towergate Risk Solutions, tel; 01482 330300 |
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