What would make a classic car 'VAT qualifying'?
Discussion
Every now and then I play Best of the Best. Sometimes I play for a classic. I understand that if you were to win one of the classics the car you choose has to be 'VAT qualifying'. My question is, what would make a classic car VAT qualifying? Obviously it rules out sourcing one privately, but what about used ones at dealers? Do they all qualify for VAT or do some qualify and others not and, if so, what would determine this? I haven't won or anything, it's just something that's been bugging me for ages!
MitchT said:
Every now and then I play Best of the Best. Sometimes I play for a classic. I understand that if you were to win one of the classics the car you choose has to be 'VAT qualifying'. My question is, what would make a classic car VAT qualifying? Obviously it rules out sourcing one privately, but what about used ones at dealers? Do they all qualify for VAT or do some qualify and others not and, if so, what would determine this? I haven't won or anything, it's just something that's been bugging me for ages!
A car's "VAT qualifying" if it's always been in VAT-registered ownership since VAT was originally paid on it, and that VAT was always reclaimed on purchase and charged on the full value on sale. You'll often see +VAT or VAT-qualifying on adds for year-or-two-old Merc S-class or similar.Nice and easy on a new car, sure, but less so on an older one. UNLESS... VAT was only recently paid, when it was first imported to a European country (inc UK) from outside the EU. Not imported from an EU country, because that wouldn't attract VAT.
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