IN577 Luxury Assets such as Aircraft and Yachts and Preparation for Brexit

Aircraft and Yacht Registration and VAT Considerations

The recent political upheaval with the United Kingdom leaving the European Union (Brexit) at the end of March 2019, has left many yacht and aviation owners with a potentially unquantified problem (both financially and legally).

The VAT and registration (aircraft and/or yacht) arrangements in place before Brexit, may need consideration and restructuring after Brexit has taken place.  

What To Do?

At this moment in time (early March 2019), and without final political agreement, it is difficult to propose a course of action that will provide a watertight solution. The best advice is to prepare for all outcomes and to have the connections in place to support any additional requirements that may be needed.

Movement of Aircraft and Vessels Between the UK and the EU

Aircraft and yachts that are moving between the UK and the EU and vice versa, will need in-depth consideration.

The common customs arrangement is potentially about to be broken and large valuable assets moving either from the UK to an EU country, or in the opposite direction, will need careful evaluation.  

A luxury asset that is currently being imported into the EU will also need further consideration, once the Brexit terms are settled and/or if there is a no deal.

Dixcart Expertise

Dixcart has, for nearly 50 years, been an independent group providing support to private clients,  family offices, international groups, and to fellow corporate managers, something of which we are very proud.

We are based in 9 jurisdictions, both inside and outside of the EU, and we employ over 180 professionals.  

If you would like to access a number of Dixcart Information Notes relating to the Air Marine sector, please follow this link: Dixcart Air Marine 

Additional Information

We are experienced in providing support to clients and managers holding luxury assets, including aircraft and yachts, and are well placed to assist other organisations, post Brexit, located both inside and outside the EU.    

For additional information please contact Simon Kelly or Jonathan Vassallo: advice@dixcart.com or please speak to your usual Dixcart contact. 

 

Categories: United Kingdom