These items have been imported from outside the UK to be sold at auction under Temporary Admission. When Lyon & Turnbull releases such property to buyers in the UK, the buyer will become the importer and must pay L&T import VAT at the following rates on the hammer price:
You should also note that the appropriate rate will be that in force on the date of collection of the property from Lyon & Turnbull and not that in force at the date of the sale. These lots will be invoiced under the margin scheme. Lyon & Turnbull must bear VAT on the Buyer's Premium and hence will charge an amount in lieu of VAT at the standard rate on this premium. This amount will form part of the Buyer's Premium on our invoice and will not be separately identified.
VAT registered buyers from the UK should note that the import VAT charged on property released in the UK cannot be cancelled or refunded by Lyon & Turnbull, however you may be able to seek repayment by applying to HM Revenue and Customs - see ‘VAT Refunds from HM Revenue and Customs’. VAT-registered buyers from the UK should note that the invoice issued by Lyon & Turnbull for these items is not suitable evidence in respect of import VAT.
The following amounts of VAT may be cancelled or refunded provided L&T receive the appropriate export documents within the time limits stated:
PROPERTY WITH NO VAT SYMBOL
The amount in lieu of VAT charged on Buyer’s Premium may be refunded provided the purchaser resides outside of the United Kingdom and the property is exported from the UK within 3 months of the sale. Lyon & Turnbull must be provided with the appropriate proof of export immediately after export of the goods.
PROPERTY WITH A ‡ OR Ω SYMBOL
We recommend that for ease and speed exports from UK are carried out by Hedley's Group:
Hedley's Group, 3 St Leonard's Road, London, NW10 6SX | +44 (0)20 8965 8733 | www.hedleysgroup.com
The Temporary Admission VAT charged on the hammer price may be refunded provided the purchaser resides outside the UK and the property is exported within 30 days of the sale under the following circumstances:
PROPERTY WITH A † SYMBOL
The VAT charged upon the hammer price may be refunded under the following circumstances:
VAT REFUNDS FROM HM REVENUE & CUSTOMS
Where VAT charged cannot be cancelled or refunded by L&T, it may be possible to seek repayment from HM Revenue and Customs. Repayments in this manner are limited to businesses located outside the UK. For more information, please visit www.gov.uk and search Notice 723A and Notice 741A.
Buyers from outside the UK should note that local sales taxes or use taxes may become payable upon import of items following purchase (for example, the Use Tax payable on import of purchased items to certain states of the USA). Buyers should obtain their own advice in this regard.
For assistance please contact Mhairi McFadden on 0131 557 8844 or email email@example.com