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Moving to the Isle of Man for a couple of years.... VRT question

  • 12-12-2009 1:26am
    #1
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,031 ✭✭✭


    I am moving to the IOM in Feb 2010. I plan on buying a new or nearly new Qashqai for about £13500.

    If I decide to move back to Ireland in 2 years, do I have to pay VRT?

    I've heard conflicting info.
    - You need to own the car for 3 years to avoid VRT
    - You need to own it six months to avoid VRT
    - You need to own it six months AND need to keep it for 12 months on return
    - IOM is outside the EU, so 21% VAT is payable

    can someone please set me straight?


Comments

  • #2
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    You need to be a resident outside the state for six months, and own the car for six months to register it for free. Then you need to keep the car for at least 12 months before you can sell it on.

    I think.


  • #3
    vectra
    Registered Users, Registered Users 2 Posts: 15,590 ✭✭✭✭vectra


    Drummerboy08 wrote: »
    You need to be a resident outside the state for six months, and own the car for six months to register it for free. Then you need to keep the car for at least 12 months before you can sell it on.

    I think.

    All correct ;)


  • #4
    macplaxton
    Moderators, Motoring & Transport Moderators Posts: 2,957 Mod ✭✭✭✭macplaxton


    3DataModem wrote: »
    If I decide to move back to Ireland in 2 years, do I have to pay VRT?
    I've heard conflicting info...can someone please set me straight?
    3DataModem wrote: »
    - You need to own the car for 3 years to avoid VRT
    BS
    3DataModem wrote: »
    - You need to own it six months to avoid VRT
    BS
    3DataModem wrote: »
    - You need to own it six months AND need to keep it for 12 months on return
    and use it. The Revenue will tell you what paperwork you're expected to have to prove all this and all the paperwork they expect to show you were normally resident outside of the State for the period required.
    3DataModem wrote: »
    - IOM is outside the EU, so 21% VAT is payable
    For VAT purposes the IoM is inside the EU and is the same rate as UK VAT.

    See Revenue page HERE about transfer of residence and VRT relief. See European Commission page HERE about VAT status of the IoM.

    Hope this clears up any confusion as you've been fed some BS as well! :pac:


  • #5
    3DataModem
    Registered Users, Registered Users 2 Posts: 4,031 ✭✭✭3DataModem


    Excellent - thanks guys.

    A no-brainer methinks. Also, I just found out if I finance it on the Isle of Man I get income tax relief on the loan interest.

    Sweeeeeet.


  • #6
    AugustusMaximus
    Closed Accounts Posts: 1,044 ✭✭✭AugustusMaximus


    Have fun on the IOM.


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