Fancy buying an MP4-12C in an online auction?
Discussion
that belongs (or belonged) to a scrap metal dealer that owed about £20 million in vat
http://www.insidermedia.com/insider/yorkshire/1020...
http://www.insidermedia.com/insider/yorkshire/1020...
Russell996 said:
WCZ said:
8 minutes to decide....
Gets near finished and then resets to 10 mins to go whenever a bid is placed - this process of adding 10 mins continues until no bids are received in the last 10 mins - weirdest auction ever with no end in sight!Rollcage said:
Not really - it ends when nobody is willing to pay any more. Quite sensible really, as long as you are actually watching it.
Not familiar with this type of movable end auction but clearly it is good for the seller as the period keeps extending and could be good for the buyer as no one is rushed into a spur of the moment bidding race, always 10 minutes to decide. I guess the only downside is if you are a keen buyer you might have to hang around for quite a while for it to eventually finish!spikeyhead said:
I suspect that the VAT is only on the 5% buyers fee.
Reading the T&C's on their website, not sure that is the case?VAT Payments and Returns:
All overseas Buyers (EU and non EU) will be charged VAT at the current rate on each Lot purchased. This will be refunded to the overseas Buyer as soon as the Seller receives a copy of the bill of lading as proof of export, providing this documentation is received within 3 months of the sale date. The Seller is unable to refund the VAT on the Buyer’s Premium to non EU countries.
johnnyreggae said:
Which part of the lot description is unclear : Buyers Premium 5%. No VAT on the Hammer Price Only on the Buyers Premium
As an aside that seems to be same area that the last couple of auctioned cars have gone at
and then, just to confuse matters, in the top-right corner it states :As an aside that seems to be same area that the last couple of auctioned cars have gone at
"VAT on hammer: 20.00%
Buyer's premium: 5.00%"
andrew said:
johnnyreggae said:
Which part of the lot description is unclear : Buyers Premium 5%. No VAT on the Hammer Price Only on the Buyers Premium
As an aside that seems to be same area that the last couple of auctioned cars have gone at
and then, just to confuse matters, in the top-right corner it states :As an aside that seems to be same area that the last couple of auctioned cars have gone at
"VAT on hammer: 20.00%
Buyer's premium: 5.00%"
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