In 2012, an Irish company bought a yacht for promotional purposes and reclaimed Vat on the buy. The boat instead found itself being used as the main ingredient of the sailing hobby of a company director. The boat was due to be sent directly to the Caribbean but instead remained in EU waters, ultimately coming to rest in Ireland and into the ownership of one of the company’s directors. Revenue moved to recover the €49,776 Vat claimed by the company as a deduction, sparking a row before the Tax Appeals Commission. 2012-2014 – Purchase and Sale of the Boat The…

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