VAT on US car imported into the UK

[AMTony]

For historic status vehicles.

I am told that if i import a car from the US the vat payable is 5% of the purchase price - this I accept.

I am now told by HMRC VAT office that if I import a vehicle that I have owned for a period of time and not imported within say 4-6 weeks, the VAT payable will be at a revised recalculated rate based on UK values of the vehicle.

Does anyone know if this is correct?

[anonymous-user]

"... older vehicles may be imported under tariff heading 97.05 (collections and collectors’ pieces of historical interest), where customs duty is nil, and VAT is charged at an effective rate of 5%.

The difficulty comes in deciding what vehicles qualify under heading 97.05.

To qualify, the vehicle has to be "relatively rare, no longer in normal use for the purpose for which it was originally made, sold outside the normal vehicle trade, and of high value."

[AMTony]

The vehicle in question qualifies for 5%.
Issue is 5% of what value?
I have owned for a while and never imported.
VAT now say its value is current UK and not its original purchase price.

[anonymous-user]

Sounds absolutely 100% obvious that VAT office is correct.