Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with the Royal Yachting Association on the VAT status of UK-owned yachts currently outside British waters.

The Chancellor of the Exchequer has not had any discussions with the Royal Yachting Association (RYA) on this topic. In November 2020, the Financial Secretary to the Treasury responded to a letter from the RYA explaining the Government’s position on the availability of relief from customs duty and import VAT under the Returned Goods Relief for goods and possessions (including yachts) located in the EU on 31 December 2020. HMRC officials met the RYA in September 2020 and February 2021 to discuss this issue.