V16.870 Changes to the VAT second-hand margin scheme
VAT Information Sheet 6/01, December 2001
What is this about?
This information sheet does two things—
— it draws your attention to a revised version of Notice 718 (Part V8), margin schemes for second-hand goods, works of art, antiques and collectors' items; and
— it summarises the changes to the margin scheme which are contained in the revised notice.
The new revised notice will be available in January 2002
Who does it affect?
It affects you if you use the VAT margin schemes for second-hand goods, works of art, antiques and collectors' items.
Most of the notice improves Customs and Excise guidance on how the scheme works.
But the new notice also contains some new rules which you must follow in order to use the margin scheme.
What are the changes to the second-hand margin scheme?
Full details of the changes can be found in the revised notice. They are summarised in the following paragraphs (the reference in