Vrt reclaim scheme? A winner?

dingus12

why are people not doing this?

is it legal or not to buy this x5 for 9k euro

claim back the vrt on it of the sum 6k euro

export it to NI and sell it there for with going rate, probably around 7k stg

serious profit?

http://www.revenue.ie/en/tax/vrt/export-repayment-scheme/index.html

mickdw

dingus12 wrote: »

why are people not doing this?

is it legal or not to buy this x5 for 9k euro

claim back the vrt on it of the sum 6k euro

export it to NI and sell it there for with going rate, probably around 7k stg

serious profit?

http://www.revenue.ie/en/tax/vrt/export-repayment-scheme/index.html

People are doing it and alot of the money spinners are now already gone.
There are a few snags also to watch out for.
Firstly, just cause a car is on irish plates doesn't mean there was vrt paid. If there was no vrt paid, you will not get a rebate.
Secondly, the uk require mph clocks before registering there so there would likely be fair cost involved there too.
You then have to prove permanent export before revenue will send the rebate. I'm guessing, like all other revenue rebates, they will only send it once you are clear on all fronts in terms of your taxes. In addition, if you were to do this a few times, you would be looked on as a dealer and as such you would owe tax on your profits, in effect tax on the tax rebate.

Its worth the hassle if there is a few grand to be made. Not worth it on cheap stuff.

dingus12

As far as I know there are company's that will convert the clocks for around 200 stg, also if you register'd as a part time car dealer and paid the tax on the profits, surely this is legal?

There's massive vrt on cheap x5's in Ireland due to the revenue keeping the omsp high and the real world value being so low in Ireland due to the tax rate they are.

I'm sure the likes of a rangerover has high vrt aswel,

Tea 1000

Remember that they will drop the VRT after a large payout on the first one, as they will revise the OMSP. But you can do this, but one thing to remember is that it is now really difficult to import a car into the UK. The DVLA have made it a pain in the ass in the last year or two, so registering it over there is difficult and time consuming. You'd need to know someone over there who'd import it for you, and you need it done to get the rebate.

mickdw

dingus12 wrote: »

As far as I know there are company's that will convert the clocks for around 200 stg, also if you register'd as a part time car dealer and paid the tax on the profits, surely this is legal?

There's massive vrt on cheap x5's in Ireland due to the revenue keeping the omsp high and the real world value being so low in Ireland due to the tax rate they are.

I'm sure the likes of a rangerover has high vrt aswel,

Of course it's legal. Why are you asking if it's legal?
I don't believe there is major profit in x5 though.

Atlantic Dawn

Yes I think you would need a contact on the UK end to look after the small stuff. Another problem is the UK buyer is not your usual idiot, they will want verifiable service history which sadly on even the high end stuff can be lacking over here.

traco

Sold a friends 2004 320 CLK convertible this way for him last May I think.

VRT was straightforward but you only get that back on proof of UK registration with the new owner. The UK side was a nightmare, Clocks had to be changed and then the whole MOT and original CE certs and emmsions info for the car were required, these had to be ordered from MB. I've no problem researching and doing this type of stuff but if not for my involvement the buyer would have thrown in the towel.

It is doable and if I was selling something big engined personally then I'd go that way but no chance I'd buy something to flip it as the timeline could be months. Took us about 3 months to get all the paperwork right and get the VRT rebate.

dingding

I think the trick is to get a car that was originally imported from the UK. AFAIK When it is reimported to the UK, it gets its original registration number.

BMW imported a lot of nearly new BMWs around 2009, I they called it the Sterling Collection.

http://www.advertiser.ie/galway/article/12413/bmw-sterling-collection-proving-successful


These cars would have the correct speedo's etc..

Just something to watch out for, some of the UK cars had a slightly higher emissions cert so this would increase the amount of the rebate.

mickdw

dingding wrote: »

I think the trick is to get a car that was originally imported from the UK. AFAIK When it is reimported to the UK, it gets its original registration number.

BMW imported a lot of nearly new BMWs around 2009, I they called it the Sterling Collection.

http://www.advertiser.ie/galway/article/12413/bmw-sterling-collection-proving-successful


These cars would have the correct speedo's etc..

Just something to watch out for, some of the UK cars had a slightly higher emissions cert so this would increase the amount of the rebate.

Thats a good point. Practically every bmw sold was an import at that time.

R.O.R

Sterling collection had their clocks changed when they came across. Priced enough of them to remember that cost being built in.

Tea 1000

dingding wrote: »

I think the trick is to get a car that was originally imported from the UK. AFAIK When it is reimported to the UK, it gets its original registration number.

BMW imported a lot of nearly new BMWs around 2009, I they called it the Sterling Collection.

http://www.advertiser.ie/galway/article/12413/bmw-sterling-collection-proving-successful


These cars would have the correct speedo's etc..

Just something to watch out for, some of the UK cars had a slightly higher emissions cert so this would increase the amount of the rebate.

Nearly all were 2 litre diesels though, so the rebate is in one of the lower % VRT rates.

td2008

I reimported my car back to the UK and got a new reg.

Gumbo

R.O.R wrote: »

Sterling collection had their clocks changed when they came across. Priced enough of them to remember that cost being built in.

+1
It's a €1000 job iirc

dingding

R.O.R wrote: »

Sterling collection had their clocks changed when they came across. Priced enough of them to remember that cost being built in.

If you had a few of these clocks now it might be a nice earner

traco

Don't need teh clocks just but new faces from these guys - thats what we did.

http://www.lockwoodinternational.co.uk/select-your-dial-c51.html