Page 119 - Sothebys Fine Japanese Art London, November 2018

prior to the sale to discuss any specific 2. PROPERTY WITH A † SYMBOL be cancelled or refunded by Sotheby’s, Proof of export required
shipping requirements. however you may be able to seek
These items will be sold under the normal • for lots sold under the margin scheme
Please refer to VAT information for UK VAT rules and VAT will be charged at repayment) by applying to HM Revenue (no VAT symbol) or the normal VAT rules
and Customs - see ‘VAT Refunds from HM
Buyers for VAT symbols used in this the standard rate on both the hammer Revenue and Customs’) († symbol), Sotheby’s is provided with
catalogue. Value Added Tax (VAT) may be price and buyer’s premium. appropriate documentary proof of export
payable on the hammer price and/or the Please see ‘Exports from the European (VAT-registered buyers from the UK from the EU. Buyers carrying their own
buyer’s premium. Buyer’s premium may Union’ for the conditions to be fulfilled should note that the invoice issued by property should obtain hand-carry papers
attract a charge in lieu of VAT. Please read before the VAT charged on the hammer Sotheby’s for these items is not suitable from the Shipping department to facilitate
carefully the “VAT INFORMATION FOR price may be cancelled or refunded. evidence in respect of import VAT.) this process.
BUYERS” printed in this catalogue. On request, immediately after sale, the • for lots sold under Temporary
(VAT-registered buyers from other EU
countries may have the VAT cancelled Temporary Admission Department can Admission (‡ or Ω symbols), and
VAT AND OTHER TAX or refunded if they provide Sotheby’s either ask HM Revenue and Customs to subsequently transferred to Sotheby’s
generate a C79 certificate (for UK buyers),
Customs Warehouse (into Bond). The
INFORMATION FOR BUYERS with their VAT registration number and or obtain a copy of the import C88 (for property must be shipped as described
evidence that the property has been
The following paragraphs are intended removed from the UK within three other EU VAT registered buyers), which above in the paragraph headed Property
to give general guidance to buyers on months of the date of sale. The evidence may be used to claim recovery of the VAT. with a ‡ or a Ω symbol.
the VAT and certain other potential tax of removal required is a certificate of Otherwise Sotheby’s may re-invoice the • buyers carrying their own property
implications of purchasing property at shipment or, if the lots were carried by lot as if it had been sold with a † symbol must obtain hand-carry papers from the
Sotheby’s. The information concerns hand, proof of travel and completion of a and charge VAT at the standard rate on Shipping Department for which a small
the most usual circumstances and is not form available from the Post Sale Service both the hammer price and premium and administrative charge will be made. The
intended to be complete. In all cases the Group. provide a tax invoice to the buyer. This VAT refund will be processed once the
relevant tax legislation takes precedence may enable a buyer who is VAT registered appropriate paperwork has been returned
and the VAT rates in effect on the day 3. PROPERTY WITH A α SYMBOL elsewhere in the EU to avoid payment of to Sotheby’s.
of the auction will be the rates charged VAT in the United Kingdom. Re-invoicing in
except for lots sold subject to Temporary Items sold to buyers whose address is in this way may make the lot ineligible to be • Sotheby’s is not able to cancel or refund
Admission for which the applicable the EU will be assumed to be remaining re-sold using the margin scheme. any VAT charged on sales made to UK
rate will be that in force at the time of in the EU. The property will be invoiced Sotheby’s will transfer all lots sold or EU private residents unless the lot is
collection. It should be noted that, for VAT as if it had no VAT symbol (see ‘Property subject to Temporary Admission to its subject to Temporary Admission and the
purposes only, Sotheby’s is not usually with no VAT symbol’ above). However, if Customs warehouse immediately after property is exported from the EU and
treated as an agent and most property is the property is to be exported from the sale. the requisite export papers provided to
sold as if it is the property of Sotheby’s. EU, Sotheby’s will re-invoice the property Sotheby’s within one month of collection
under the normal VAT rules (see ‘Property of the property.
In the following paragraphs, reference sold with a † symbol’ above) as requested 5. EXPORTS FROM THE
EUROPEAN UNION
to VAT symbols shall mean those symbols by the seller. • Sotheby’s is not able to cancel or refund
located beside the lot number or the The following amounts of VAT may be any VAT charged on sales to UK or EU
Items sold to buyers whose address
pre-sale estimates in the catalogue (or is outside the EU will be assumed to be cancelled or refunded provided Sotheby’s private residents unless the lot is subject
amending sale room notice). receive the appropriate export documents to Temporary Admission and is shipped as
exported from the EU. The property will within the time limits stated: described above.
1. PROPERTY WITH NO VAT SYMBOL be invoiced under the normal VAT rules
(see ‘Property sold with a † symbol’ Property with no VAT symbol (see Buyers intending to export, repair,
Where there is no VAT symbol, Sotheby’s above). Although the hammer price will paragraph 1) restore or alter lots sold under Temporary
is able to use the Auctioneer’s Margin be subject to VAT this will be cancelled The amount in lieu of VAT charged on Admission (‡ or Ω symbols) and therefore
Scheme and VAT will not normally be or refunded upon export - see ‘Exports Buyer’s Premium may be refunded transferred to Customs Warehouse
charged on the hammer price. from the European Union’. However, provided the purchaser resides outside after sale should notify the Shipping
Sotheby’s must bear VAT on the buyers who are not intending to export of the United Kingdom and the property Department before collection. Failure
buyer’s premium and hence will charge an their property from the EU should notify is exported from the EU within 3 months to do so may result in the import VAT
amount in lieu of VAT at the standard rate our Client Accounts Department on the of the sale. Sotheby’s must be provided becoming payable immediately and
on this premium. This amount will form day of the sale and the property will be re- with the appropriate proof of export Sotheby’s being unable to refund the VAT
part of the buyer’s premium on our invoice invoiced showing no VAT on the hammer immediately after export of the goods. charged on deposit.
and will not be separately identified. A price (see ‘Property sold with no VAT Property with a † symbol 6. VAT REFUNDS FROM HM
limited range of goods, including most symbol’ above). The VAT charged upon the hammer price REVENUE AND CUSTOMS
books, are not liable to VAT and therefore may be refunded provided the purchaser
no amount in lieu of VAT will be added to 4. PROPERTY SOLD WITH resides outside of the United Kingdom Where VAT charged cannot be cancelled
A ‡ OR Ω SYMBOL
the premium. and the property is exported from the EU or refunded by Sotheby’s, it may be
These items have been imported from within 3 months of the sale. Sotheby’s possible to seek repayment from HM
Please see ‘Exports from the European outside the EU to be sold at auction under Revenue and Customs. Repayments in
Union’ for the conditions to be fulfilled Temporary Admission. When Sotheby’s must be provided with the appropriate this manner are limited to businesses
before the amount in lieu of VAT on the releases such property to buyers in the proof of export immediately after export located outside the UK.
buyer’s premium may be cancelled or UK, the buyer will become the importer of the goods.
refunded. and must pay Sotheby’s import VAT at the Property with a ‡ or a Ω symbol Claim forms are available from:
HM Revenue and Customs
(VAT-registered buyers from within the following rates on the hammer price: The Temporary Admission VAT charged on VAT Overseas Repayments Unit
European Union (EU) should note that ‡ - the reduced rate the hammer price may be refunded under PO Box 34, Foyle House
the amount in lieu of VAT contained within Ω - the standard rate the following circumstances:- Duncreggan Road, Londonderry
the buyer’s premium cannot be cancelled You should also note that the • Sotheby’s is instructed to ship the Northern Ireland, BT48 7AE
or refunded by Sotheby’s or HM Revenue appropriate rate will be that in force on property to a place outside the EU Tel: +44 (0)2871 305100
and Customs.) the date of collection of the property • The property is hand carried from the Fax: +44 (0)2871 305101
Buyers requiring an invoice under the from Sotheby’s and not that in force at UK directly outside the EU and Sotheby’s enq.oru.ni@hmrc.gsi.gov.uk
normal VAT rules, instead of a margin the date of the sale. pre lodge the export entry with HMRC 7. SALES AND USE TAXES
scheme invoice, should notify the Post These lots will be invoiced under the
Sale Service Group or the Client Accounts margin scheme. Sotheby’s must bear • The VAT liability is transferred to your Buyers should note that local sales taxes
Department on the day of the auction and VAT on the buyer’s premium and hence shipper’s own Temporary Admission or or use taxes may become payable upon
an invoice with VAT on the hammer price will charge an amount in lieu of VAT at Customs Warehouse arrangement prior to import of items following purchase (for
will be raised. Buyers requiring reinvoicing the standard rate on this premium. This collection from Sotheby’s example, use tax may be due when
under the normal VAT rules subsequent amount will form part of the buyer’s Under all other circumstances purchased items are imported into certain
to a margin scheme invoice having been premium on our invoice and will not be Sotheby’s is required to complete the states in the US). Buyers should obtain
raised should contact the Client Accounts separately identified. importation and pay the VAT due to their own advice in this regard.
Department for assistance. HM Revenue and Customs prior to the In the event that Sotheby’s ships items
(VAT-registered buyers from the EU property leaving its premises and so a VAT
should note that the import VAT charged refund will not be possible. for a purchaser in this sale to a destination
within a US state in which Sotheby’s is
on property released in the UK cannot
FINE JAPANESE ART 117