Tally Ho holding out for a hero

Discussion in 'Wooden Boat Building and Restoration' started by Tiny Turnip, Feb 24, 2017.

  1. BlueBell
    Joined: May 2017
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    BlueBell Ahhhhh...

    I see the humour in this.
    Look at it this way:
    Over the life of the boat all the work Leo is doing, needed to be done, but wasn't.
    Now it's been done, as needed, in fast time.
    Our own bodies do the same thing with cell sluffing and regeneration.
    I believe we live in about 60 trillion cells and yet produce some 120 trillion replacements in a life-time.
    It's the same thing that should naturally occur over the life of the boat done all at once, but sequence, as needed.
    That's how I look at it anyway.
    Carry-on Leo, bravo!!
     
  2. M&M Ovenden
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    M&M Ovenden Senior Member

    Usually old objects aren't taxed as heavily as new ones. For example, I'm pretty sure there are VAT exemptions for heritage boats.

    Mark
     
  3. DCockey
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    DCockey Senior Member

    I've never heard of any tax exemptions for heritage boats in the US where Talley Ho is located. I've also never heard of anyone in the US deciding to restore a boat rather than build a new boat for tax reasons.
     
  4. RHP
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    RHP Senior Member

    :D What's that ever had to do with it!
     
    Angélique and rwatson like this.
  5. M&M Ovenden
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    M&M Ovenden Senior Member

    He said he is planning on sailing back to the UK. If it was a new boat it would be subject to VAT. It's not a reason to restore an old boat, but might be something to consider - VAT is around %20, so this can add up quickly.

    Cheers,
    Mark
     
    Last edited: Jun 8, 2018
  6. Angélique
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    Angélique aka Angel (only by name)

    Sings like an angel, only needed a paint job, just don't trust norwegian blue parrots . . ;)
    C'est la vie mon ami . . :) - - ~ - - Such is life my friend . . :) - - ~
     
    Last edited: Jun 13, 2018
  7. Tiny Turnip
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    Tiny Turnip Senior Member

    Latest episode up on youtube. Lofting...

     
  8. Angélique
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    Angélique aka Angel (only by name)

    WoodenBoat Magazine #267, March/April 2019 Table of Contents PDF

    WoodenBoat Magazine 267 March April 2019 part of page 2.jpg

    [​IMG]

    [​IMG]

    WoodenBoat has the interview with Leo from the page 36 article online.
     
    Last edited: Feb 15, 2019
  9. JamesG123
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    JamesG123 Senior Member

    But is he planning on selling her in the UK? Is he planning on selling her at all?

    And yes going from $1 to somewhere around a million dollars is quite a bit of "value added". Which is why he should get creative with incorporation and point of sale when the time comes.
     
  10. BlueBell
    Joined: May 2017
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    BlueBell Ahhhhh...

    He seems to be experiencing the usual (for around here) winter blues.
    I've shovelled the driveway six times in the last two weeks!
    First time in two years! (Or is it three...?)

    Leo definitely plans to sail TALLY HO a lot but it is unclear what his intentions are regarding selling.

    I never did hear how he trimmed his finger.
    Anyone know?
     
  11. rwatson
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    rwatson Senior Member

    He didn't go into details - I seem to remember him mentioning a power planer.

    I hope he is making a bit of money from Youtube and Patrons, because he has a long way to go. He has just replaced 1/3 of the main ribs after 8 months, so he has double that number of harder ones to go.

    He is just starting the hugely expensive replacement of stern and bow timbers, so by the time the ribs and total in-line members are done, he is only 10% into the project overall.

    I would expect him to be another 3 years to get to the builders launch at this rate. I would almost put money on the hull going up for sale once the planking is done.
     
  12. M&M Ovenden
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    M&M Ovenden Senior Member

    From my understanding any yacht travelling into the EU can stay 18 months before being charged VAT - it doesn't matter if you are selling or not. Boats over a certain age and it can be proved they were within the EU before a certain date (something like that) are VAT exempt. Tally Ho can easily meet this requirement with the well known facenet race win. I would think that saving the $100k or so in tax is worth the pain of rebuilding vs new build.

    Cheers,
    Mark
     
  13. rwatson
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    rwatson Senior Member

    That's an interesting point. If he was paying for labour, it would have been a lot cheaper to build from new. As it is, he has spent $30k just on keel and fore/aft timbers, and half as much again on live Oak for the ribs.

    The only materials on the completed boat that are going to be original might be about 20% of the planking.

    As a commercial project, it would have been way cheaper to just pull the good planks off the old boat, and start from scratch on a new hull.

    They created a "restoration rule" a few years ago in Australia, and one of the government ministers was asked "If I just use one copper nail from the original, does it remain a Restoration ?". The answer was Yes.

    I wonder where the cutoff point is in this situation.
     
  14. Angélique
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    Angélique aka Angel (only by name)

    You'll have to use it on a thinner part, so it can be riveted again.
     

  15. Angélique
    Joined: Feb 2009
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    Angélique aka Angel (only by name)

    BTW, the UK is leaving the EU, so they have to think of new VAT rules anyway, I'm sure they're reading this thread and will fit in Tally Ho to get her back to England.
     
    Last edited: Feb 16, 2019
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