Calculating VRT (What Other Taxes)

paul7g

Hi,

I am considering importing a 2023 M5 from the UK (London).

In addition to VRT, what other taxes do I need to add to the formula - thanks

bazz26

VAT and customs charges due to Brexit.

Nox charge will depend on the car's Nox figure but the max on a petrol car is €600.

paul7g

Thank you.

Any idea on what rate the VAT is, and the Customs Charge rate? And are they on the original GBP price or on the Euro price Inc VRT?

CMOTDibbler

https://www.boards.ie/discussion/comment/123212450#Comment_123212450

There's a thread here on importing from the UK. But VAT is 23% and it's on the value of the car plus duty. Generally doesn't make financial sense since Brexit.

paul7g

I heard the VAT changed in recent weeks?

Neilw

VAT is 23% of the purchase price converted to euros, duty is 10% iirc.

You would probably have a tax bill before VRT of around €20,000, that’s just from a quick google where I saw a 2023 car for £68,000.

goochy

Won't be cheap to import . If u could find an Irish one should be cheaper

paul7g

Are you sure VAT is not only 3% now, and there is no import duty?

Del2005

https://www.boards.ie/discussion/comment/123212540#Comment_123212540

We have no 3% VAT rate so it can't be that.

IIRC it's only dealers who are registered with Revenue who can import duty free, private importers still have to pay duty.

goochy

Are u on drugs ?

CMOTDibbler

https://www.boards.ie/discussion/comment/123212540#Comment_123212540

Where are you getting that? Standard rate of VAT here is 23%. That rate applies to cars. And of course there is import duty, the UK is not in the EU any more. From revenue website:

paul7g

There are many different VAT rates (not just standard 23%).

I’ve spoken with 3 contacts / friends in the car industry over the last few days. 2 of them say they can bring them in at 3% and as per above, no import duty, and another said it is 23%.

This is the exact reason I posted this, as the older ‘VRT Threads’ are outdated now, and so are either half of the people on this thread OR the 2 guys I spoke to who are in the car business.

I’m still non the wiser…

paulpd

Maybe they're talking about registered motor dealers and the net vat might be 3%. 23% v 20% UK rate.

paul7g

https://www.boards.ie/discussion/comment/123212699#Comment_123212699

That makes a lot of sense…

So essentially they can claim the VAT back and there is no import duty for them… so technically the ‘only’ taxes are VRT + 3% VAT

User1998

There is an importing from UK thread with relevant up to date information.

First of all, you essentially cannot economically import a BMW M5 here as the VRT rate is 41% of the OMSP. So I suspect the VRT element alone would be around €50,000 or more. There is a reason there are no M5’s here.

Second to that, as a private individual you need to pay 10% customs duty and 23% VAT. You might be able to avoid the 10% customs duty as the car was built in Europe within the last 3 years. But you cannot avoid VAT. A dealer with trade contacts may be able to buy one excluding UK VAT and only pay Irish VAT, the difference being 3%. Or you might find an export specialist in the UK who will do it for you.

What I would recommend doing is waiting for more 2025 models to become available in the used market as these only have 7% VRT and are proving to be very popular here already.

goochy

There are a few 2020 ones advertised here . Might be better option

jmreire

https://www.boards.ie/discussion/comment/123212484#Comment_123212484

Does the same formula apply to older vintage or classical cars?

User1998

https://www.boards.ie/discussion/comment/123214225#Comment_123214225

No customs duty on vintage cars. 23% VAT & €200 VRT