UK Requirement to Correct and the ‘microyacht’ Concept

If you are a tax resident in the United Kingdom (UK), this communication will be important for you.

The UK has introduced mechanisms via which taxpayers must report undeclared tax liabilities on overseas incomes. Known as the Requirement to Correct or RTC, there is now an obligation for anyone who has undeclared UK tax liabilities arising from offshore transfers or matters, to disclose the correct information to HMRC. If the non-compliance is not corrected by 30 September 2018, there could be penalties.

Further information maybe found in the Gibraltar International Magazine.
Kind reminder, that this does not constitute legal advice or an endorsement of the information contained within. You are encouraged to obtain your own independent advice.

Can the ‘Microyacht’ Beat the new Superyacht?

The global trend of constructing larger and bigger yachts continues to develop at a rapid pace. On the opposite side of the yachting construction spectrum people are designing and constructing small, and even tiny yachts. Europa Marine Consultants reports on the “microyacht” phenomenon, its history, records and current attempts at sailing the smallest yacht. 

Last year, we reported on the growing global trend in the yachting industry of building large superyachts.  The average size of superyachts has now increased over the past decade. Superyacht designs, which are planned to begin construction later this year, have the vessels measuring at 220-meters and beyond.

Despite this trend, there are individuals and companies dedicated to making yachts as small as possible and attempt setting sailing records. Europa Marine Consultants looks at the history of these little vessels and their large ambitions. Robert Manry in 1965, pioneered the ‘microyacht’ trend when he sailed his 4-meter (13ft, 6in)Tinkerbelle microyacht from Massachusetts to England. He followed this by his smaller 3.5-meter  (12ft) Nonoalca and then later sailing the even smaller 2.4-meter (8ft) Bathtub across the Atlantic.

These microyacht records were broken by Hugo Vilhen who sailed his 1.8-meter (6ft) April Fool from Casablanca to Miami. He then went on to set the smallest ocean crossing by sailing his 1.6 meter (5ft 4) vessel, Father’s Day across the Atlantic.

Over the course of the next few decades, the construction of microyachts continued with companies and individuals attempting to build and sail the smallest vessels ,but ultimately all failed.

However, this year, a professional sailor is preparing to set a new record for the smallest vessel ever to cross the Atlantic. He has constructed a 42-inch (1 meter) aluminium microyacht appropriately named, Undaunted. Matt Kent expects the 4,700 nautical mile voyage across the Atlantic to take four months, which is a long period to be in a tiny vessel in the middle of the vast Atlantic ocean.

Whatever the Size of Your Vessel, Europa Marine Consultants Ltd can Assist.

Europa Marine Consultants Ltd is part of the Europa Group. We have been based in Gibraltar since 1987 and have built a reputation as a stable and reputable business.

Whatever the size of your vessel we, on a daily basis, register and manage both private and commercial vessels in ports of registry worldwide. Our extensive expertise and understanding of each client’s individual requirements is matched by a wide range of supporting services. All our services come with the reassurance of a knowledgeable response, professional ethic and unwavering customer focus.

Our experienced and dedicated marine team provides a full range of tailored services to seafarers whatever the size and wherever the vessel. Contact us today to find out how we can help you with your vessel needs.