Wanchope
Junior Member
Posts โข 1,326
Likes โข 1,138
February 2020
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Banksy at Sothebyโs , by Wanchope on Aug 18, 2022 23:01:47 GMT 1, I would imagine so, but i must say I donโt know the rules in the US. I imagine ARR for sure and surely a similar tax?? Hopefully someone else can chime in and enlighten us.
I would imagine so, but i must say I donโt know the rules in the US. I imagine ARR for sure and surely a similar tax?? Hopefully someone else can chime in and enlighten us.
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Banksy at Sothebyโs , by The Greased Piglet on Aug 19, 2022 0:35:11 GMT 1, Oh I didn't realise the prices included buyers premium. Ouch, results not as "OK" as I thought. Are you required to pay VAT and ARR on any art purchased in the USA ? Words ARR is not charged in the US so no on that. States have different sales tax rates, some have none while others charge, so depends where youโre buying from. If youโre not a resident of the State you normally donโt pay sales tax but of course you may need to pay VAT or import duty depending on the rules in your tax jurisdiction, this is payable on import into the buyerโs country.
US buyers buying in the UK will not have to pay VAT on the buyers premium but will have to pay ARR which is calculated on a sliding scale based on the value and ranges between 0.25-4.00% for works over ยฃ1,000.
If youโre referring to the fact that some of the works in this auction were subject to an additional 5% VAT (the US collection), this is not a tax charged by the US, this is VAT charged on import by HMRC for UK buyers only. If the artwork goes anywhere else in the world once sold then this will not be charged but the buyer could be charged VAT by their tax authorities on import.
Oh I didn't realise the prices included buyers premium. Ouch, results not as "OK" as I thought. Are you required to pay VAT and ARR on any art purchased in the USA ? Words ARR is not charged in the US so no on that. States have different sales tax rates, some have none while others charge, so depends where youโre buying from. If youโre not a resident of the State you normally donโt pay sales tax but of course you may need to pay VAT or import duty depending on the rules in your tax jurisdiction, this is payable on import into the buyerโs country. US buyers buying in the UK will not have to pay VAT on the buyers premium but will have to pay ARR which is calculated on a sliding scale based on the value and ranges between 0.25-4.00% for works over ยฃ1,000. If youโre referring to the fact that some of the works in this auction were subject to an additional 5% VAT (the US collection), this is not a tax charged by the US, this is VAT charged on import by HMRC for UK buyers only. If the artwork goes anywhere else in the world once sold then this will not be charged but the buyer could be charged VAT by their tax authorities on import.
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artlike
New Member
Posts โข 362
Likes โข 175
November 2021
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Banksy at Sothebyโs , by artlike on Aug 19, 2022 8:13:35 GMT 1, Oh I didn't realise the prices included buyers premium. Ouch, results not as "OK" as I thought. Are you required to pay VAT and ARR on any art purchased in the USA ? Words I think it varied by print
Words words that will not be words for words
Oh I didn't realise the prices included buyers premium. Ouch, results not as "OK" as I thought. Are you required to pay VAT and ARR on any art purchased in the USA ? Words I think it varied by print Words words that will not be words for words
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JFCC
New Member
Posts โข 389
Likes โข 392
May 2020
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Banksy at Sothebyโs , by JFCC on Aug 19, 2022 12:47:08 GMT 1, U.K. sale - ARR is charged and VAT on the buyers premium if the piece stays in the U.K. If it is exported no VAT is due but it will be subject to import duty in the country is exported to which typically will be higher.
US Sale - no ARR as this is a European scheme but if sales tax is charged it can only be reclaimed in certain states if it it to be exported. NY and CA most notably do not allow reclaiming of sales tax. If the item is imported in to the U.K. then import duty levied at 5% will be due. This rate is higher in most mainland European counties.
All of the prints in the auction came from a single US based collection.
U.K. sale - ARR is charged and VAT on the buyers premium if the piece stays in the U.K. If it is exported no VAT is due but it will be subject to import duty in the country is exported to which typically will be higher.
US Sale - no ARR as this is a European scheme but if sales tax is charged it can only be reclaimed in certain states if it it to be exported. NY and CA most notably do not allow reclaiming of sales tax. If the item is imported in to the U.K. then import duty levied at 5% will be due. This rate is higher in most mainland European counties.
All of the prints in the auction came from a single US based collection.
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Banksy at Sothebyโs , by Hanging Around on Aug 21, 2022 14:36:42 GMT 1, If anyone is after a signed Love is in the Air, then please let me know. UK based, Pest Control, unframed and stored flat.
If anyone is after a signed Love is in the Air, then please let me know. UK based, Pest Control, unframed and stored flat.
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