More VAT and Taxes articles
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The majority of the Banksy work sold via the gallery is done so on the margin scheme. VAT cannot be isolated and broken out on the invoice even when sold and invoiced within the United Kingdom. Further information on the margin scheme can be found here.
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In accordance with HMRC regulations, the gallery cannot and will not accept cash payments of €10,000 or more for items purchased at the gallery. This includes several cash payments for a single transaction totalling €10,000 or more, as well as a series of payments and payments on account.
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PayPal can be used to pay for artwork at the gallery. There is no charge for doing so on any amount under £10,000.
For all PayPal transactions exceeding £10,000, a 3% surcharge will be added to the invoice total to cover the processing fees that PayPal charge the gallery. -
GB944146717000
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The majority of our works are sold using a UK government scheme called the margin scheme.
It is applied for all secondary market artworks and the cost of the VAT is included in the sales price. When selling work directly from VAT registered artists or publishers, standard VAT will be charged - currently 20%.
A full explanation of the margin scheme from the UK government website can be found here.
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Sales of secondary market artwork operate on the margin scheme. Full details on how this scheme works can be found on the UK Government website.
If the work is not sold under the margin scheme, then VAT can be deducted from your order.