- Ownership of goods and eligibility to recover import VAT are closely linked
- Recent UK case involving Piramal Healthcare UK Ltd highlights importance of ownership in import VAT recovery
- HMRC raised correctional assessments against Piramal for reclaiming import VAT on goods it did not own
- Case is relevant for UK and EU importers in determining importer and VAT consequences
- Businesses must be clear about their obligations in importing goods and ensure correct administrative records
- Incorrectly declaring importer can result in unrecoverable import VAT and additional costs
Source: bakertilly.nl
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
