Luxury marques feature significantly in the list of vehicles issued a refund under the VRT export repayment scheme since its introduction in 2013 including Ferrari (12), Lamborghini (2), Aston Martin (12), Bentley (13), and Porsche (32).
Vehicle data experts cartell.ie reportsaid that, so far in 2015, a total of 3,284 vehicles have been exported out of Ireland. Of those vehicles, 556 (17%) had vehicle registration tax (VRT) refunded.
Refund of VRT for exported vehicles is based on the VRT Export Repayment Scheme which allows for the repayment of “residual” VRT on passenger vehicles permanently exported from the State. The scheme was introduced 2013.
In total, nearly 4,474 vehicles were exported in 2014. Of those vehicles 968 (or 22%) had VRT refunded. So far, VRT refunds under the scheme have been issued for 1,886 vehicles since it began in 2013. The average engine capacity of an exported vehicle under the scheme is 2,951cc. Legal and PR manager with cartell.ie, John Byrne, said car owners see the scheme as a win-win situation.
“Owners of vehicles from manufacturers like Ferrari and Aston Martin may see the VRT export repayment scheme as a win-win: they get a refund on residual VRT, which may be significant for a top-end car, and they also get to find a buyer for their vehicle in the larger UK market,” he said.
In a separate study, cartell.ie found more than one in 10 imported vehicles from Britain are written-off there.
Cartell.ie said while a lot of quality cars are leaving Ireland, consumers should check the history of British cars before importing.
Figures released by the Society of the Irish Motor Industry earlier this month showed the sale of new cars has soared to over 100,000 for the first time since 2008.
More cars were sold in the first seven months of this year than in all of 2014.
The total number of ‘152’ registrations for July was up 48% (27,633) on ‘142’ registrations in the same month last year, and are up 30% (109,960) for the first half of this year.