Bootsy wrote:A grim future. A bit like sex - we can all reminice about the halcyon days of our plentiful, youth-full past but now it's all about " rights will be sold to on-line streaming services so we mere mortals can go ooh and aah..."
So you are now paying for sex, and stream it live when you do so?
There is another problem with events like Le Mans Classic as of this year, and that's the matter of customs carnets. Had a call last night from Andy Prill who was spitting nails about the situation. As he points out, one of his customers (910, 550 Spyder, RSR etc...) would be expected to pay a bond of approximately £2.4 million to allow him to ship his cars over to LMC, or other events on Le Continent. OK, it's returnable, but who other than the very wealthy are going to have 40 per cent of their car's value knocking around spare? Also, it appears that his mechanics, while maintaining his customers' cars at Le Mans, would be considered to be working in France, therefore Andy would be liable to pay tax over there on money received for his company's services. He sees this as being as big a threat to events as Covid restrictions and feels it may mark the death knell of Goodwood, for example, unless the organisers offer to pay the bond to entice people to travel. Yes, I know that carnets were in effect years ago, but they were relatively inexpensive – a hassle, but affordable – but the new system based on market value of cars today is in another league.
KS wrote:There is another problem with events like Le Mans Classic as of this year, and that's the matter of customs carnets. Had a call last night from Andy Prill who was spitting nails about the situation. As he points out, one of his customers (910, 550 Spyder, RSR etc...) would be expected to pay a bond of approximately £2.4 million to allow him to ship his cars over to LMC, or other events on Le Continent. OK, it's returnable, but who other than the very wealthy are going to have 40 per cent of their car's value knocking around spare? Also, it appears that his mechanics, while maintaining his customers' cars at Le Mans, would be considered to be working in France, therefore Andy would be liable to pay tax over there on money received for his company's services. He sees this as being as big a threat to events as Covid restrictions and feels it may mark the death knell of Goodwood, for example, unless the organisers offer to pay the bond to entice people to travel. Yes, I know that carnets were in effect years ago, but they were relatively inexpensive – a hassle, but affordable – but the new system based on market value of cars today is in another league.
Is this new custom carnet a gloabl thing, EU, just wondering if this impacts all classic racing events?
Jonny
Current custodian of 1976 Porsche 912E, 1973 VW Camper
I believe you can purchase some sort of insurance policy to cover the bond- OK you won’t get premium back but will be only a percentage of amount required?
Still of course an additional cost though!
Clive
West Cork, Ireland
RGruppe #814
1978 SC/1984 3.2 Outlaw -Jaffa 911
1973 914 - on Webers - historic rally car- Tango 914
1977 924 2.0 on Webers street legal race car - Martini 924
Flachbau -in progress
anglophone1 wrote:I believe you can purchase some sort of insurance policy to cover the bond- OK you won’t get premium back but will be only a percentage of amount required?
Still of course an additional cost though!
Yes - £91 minimum... Not sure that will cover a £30million 250 GTO, though.
To quote:
"The second part of the fee is the Premium. This can either be a refundable deposit of 40% of the vehicle’s value or a non-refundable insurance premium to cover the 40% proportion of the premium."
The example they quote is a premium of £624 on a £100k car. But as they say it is not a sliding scale. Many competitors at LMC are running cars with seven-figure (or more) values, so the premiums promise to be astronomical – if available at all.
We won't know the true situation until somebody steps up and applies for a carnet for a 'run of the mill' classic Porsche – something 'modest' like a 550 Spyder, RSR or 904, of which there are plenty at LMC.
I'm speaking to another couple of companies for whom this will have an effect. I'll let you know what they say.