It’s a real kick in the teeth, particularly since HMRC have better rules in place for art and collectables where they offer a reduced rate of 5% and these can be sold on the margin scheme still, including the 5% within your cost (currently not the case for second-hand good imports, nor do watches fall under the HMRC definition of ‘collectables’).
Make a difference
The link below is to an approved petition to try and get second-hand goods included within the reduced rate of import – it would be super if readers could sign.
Wouldn’t it be amazing if as a community we made a difference and kept prices from leaping quickly from sensible market price to potentially unaffordable (or worse, having to reduce by 20% to remain competitive) for no reason other than import costs!
Mike Viney, Vine Auctioneers
ATG replies: Implementing appropriate tax incentives is a good way for governments to encourage a reduction in carbon footprints and to promote the circular economy. Lowering VAT on secondary market goods would be a step in the right direction.