Readers Forum: Vintage car

I have a client who is looking to do a business deal with someone he knows in Australia but I am confused about the VAT position.

My client and the other person will purchase a classic car jointly as a partnership – it is 45 years old and is currently owned by an Australian collector.

The car is situated in Sydney. The purchase price will be a bargain figure of about £750 000 with an estimated selling price of £1m. They intend to split the profits equally.

The sale is most likely to be to a dealer or collector in America or the UK.

My client’s partner has said that if they sell to America they will ‘get the VAT back’. I am not sure what he means and he may even be referring to customs duties.

Could readers share their thoughts on the UK VAT and duty...