Incorrect OMSP for VRT

bobjimmy81

Hi guys,

I have heard you are able to argue to OMSP value which Revenue put on the car, Could anyone advise on the best way of doing this. The OMSP for my car is approx 2K more than its actually value and also the BMW needs a new Timing belt so the OMSP will be way off.

Im getting it VRT'd tomorrow morning so just want to be prepared.

Thanks

Harcrid

Check all the main car sales sites and compare the prices of exactly the same model you have. If you can prove that the OMSP is above what they are generally going for then you will have a case and a good chance of getting a refund.

Timing belt / chain or any current servicing that may be required will not have any effect on the OMSP.

Xodar

You can appeal any VRT valuation through the appeals procedure.

The OMSP is never accurate as it is the Open Market Selling Price of which the Revenue have no real idea how much a private car actually sold for....in effect they are using the Open Market Asking Price.

As they obtain valuations from SIMI it is in the best interest of the SIMI to inflate the price so as to make imports less attractive

bazz26

Revenue don't care about the car needing a new timing chain/belt when it comes to valuing the current market value here, the same way they don't care if needs new tyres. Their valuation is based on a similar car in good condition with similar mileage. If you can prove their valuation is too high then you can appeal with proof but you need to pay their VRT amount first and then appeal.

michellie

bobjimmy81 wrote: »

the BMW needs a new Timing belt so the OMSP will be way off.

How does needing a new timing belt mean the OMSP will be way off?

you'll have to pay and appeal. Timing belt is not a reason for appealing the price btw

SmartinMartin

I thought beemer mostly used timing chains?

cpoh1

Timing belt mightn't be but stuff like engine or gearbox failure or previous crash damage (not write-off) can and have been used by me to get the OMSP down in the past.