Reduction In import Taxes For Classic Cars Being Imported Into The UK

Have you always dreamt of owning a classic car?  Perhaps importing a classic muscle car from the USA?

Now is a great time to import a classic car into the UK!

Why?  

Well, if a vehicle is over 30 years of age and with no substantial changes to the engine, chassis, brakes or steering you can arrange for a ruling to be issued so the import duty rate will be reduced to ZERO and the VAT rate will be reduced from 20% to just 5%

This means HUGE SAVINGS!

And, huge potential to earn some big money.

In my 21 years in the freight forwarding industry, I have shipped thousands of cars now around the world and classics have always been a big part of my business but this ruling means there has never been a better time or opportunity to import a classic car into the UK.

The great thing about classic cars is that they are not just an investment, they are also great fun, imagine driving around in a cool 1960’s Mustang! And, as opposed to buying an additional 2nd hand car of relatively new age, a classic car should go up in value over time and not down the moment you drive the car of the car dealer’s forecourt…

The classic car scene has now become a lifestyle, people love the retro look from how they style their hair to the clothes that they wear, the classic car shows people attend now are huge and are now turning into mini festivals, the classic car scene is buzzing.

Fun + profit = value – That sounds like a good investment to me.

You can read more about the BTI ruling and the application process via the HMRC website here:

https://www.gov.uk/guidance/binding-tariff-information-rulings

If you fancy importing a car and get stuck or need advice feel free to shoot me an email or a tweet!



 

 

 

 

 

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