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Brexit changes set to hit second-hand cars in NI

Brexit changes set to hit

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Brexit-related changes are set to make it more costly for NI vehicle vendors to source recycled vehicles from GB.

Right now when vendors purchase a vehicle in GB and afterward sell it in Northern Ireland, they just need to pay VAT on the benefit.

Yet, from January they should address VAT on the full cost they paid for the vehicle in GB.

This will definitely decrease the overall revenues on those vehicles or see value ascends for buyers.

The VAT bill for a vehicle purchased for £8,000 and sold for £10,000 could ascend from £333 to £1666.

GB is a critical wellspring of recycled vehicles for NI either from sales or vehicles falling off a rent.

‘Edge conspire’

From January numerous EU rules will apply on exchange from GB to NI including what is known as the VAT edge plot.

The edge conspire is the plan which permits VAT to be paid on the benefit instead of the maximum.

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Official direction from HMRC states: “In accordance with EU rules, edge plans including products, for example, the recycled edge plans, won’t normally apply for deals in Northern Ireland where the stock is bought in Great Britain.

File photo dated 12/3/2019 of Union and EU flags flying outside the Palace of Westminster, London

“Edge plans will stay accessible for deals of merchandise that are bought in Northern Ireland or the EU, regardless of whether offered to clients in Northern Ireland, Great Britain or the EU.”

It is perceived the issue is being raised at the Joint Committee – the UK-EU body which is administering the NI some portion of the Brexit bargain.

The EU would need to consent to put aside this arrangement of the arrangement if the new plan isn’t to start in January.