This lot will be sold under the Alpha scheme.
If you are an EU Purchaser, there is effectively no change:
VAT is charged at 20% on the buyer's premium ONLY on a VAT inclusive basis. VAT is accounted for under the auctioneer's margin scheme.
If you are a non-EU Purchaser:
VAT, at 20%, will be payable on both the hammer price and the buyer's premium.
VAT on the hammer will be refunded upon receipt of export documentation by the VAT department.
Non-EU trading businesses can receive a further VAT refund on the buyer's premium directly from HM Revenue and Customs.
Please note the Chinese translation of this lot should read probably Daoguang period instead of Daoguang period as stated in the catalogue.