V3.532 Margin Scheme—Supplies Of Works Of Art, Antiques, Collectors' Items And Second-Hand Goods Other Than Motor Cars

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Commentary

Part V3 Supplies, acquisitions and imports

This paragraph examines the margin scheme for supplies of works of art, antiques, collectors' items and second-hand goods other than motor cars.

General principles of the margin scheme for supplies of works of art etc.

Legislation¹ provides for VAT chargeable on supplies of goods in certain categories to be based on the profit margin achieved by the taxable person rather than on the value of the supply. The use of this margin scheme is optional² and therefore a person may choose to account for VAT under the normal rules on any individual supply.

Permitted circumstances under which goods may be supplied using the margin scheme

Eligible goods (as described further below) may be supplied under the margin scheme where the supplier takes possession of them pursuant to³:

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•�� a supply in respect of which no VAT was chargeable
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•�� a supply on which VAT was chargeable on the profit margin (including a supply

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