ABSTRACT
Consequently, this chapter sets out the United Kingdom VAT treatment of supplies relating to superyachts and also considers, in outline only, the author’s understanding of the VAT treatment in Italy and France in particular. This chapter sets out the author’s understanding of the VAT relating to superyachts as at 31 March 2012.4 It is beyond the scope of this chapter to explain in detail the VAT rules that apply to vessels or superyachts in each Member State, since these local rules (and, as important in practice, the way the local tax authorities interpret and apply the national law) will almost certainly differ from the legislation and its application in the United Kingdom. Consequently it is important that in each transaction specific local VAT advice is obtained from recognised tax specialists in the field. In this regard the reader is referred to the VAT specialists set out in the acknowledgements to this book.
