VATMARG04100 - The auctioneers鈥� scheme: Terms used in Section 7 to 12 of Notice 718
For the purposes of the auctioneers鈥� scheme, definitions of some of the terms used in this section and in The VAT Auctioneers鈥� Scheme are as follows.
### Term used | ### Definition |
---|---|
Vendor | Sells eligible goods directly to the auctioneer. |
Buyer | Purchases eligible goods directly from the auctioneer. |
Hammer price | The amount of the last bid accepted by the auctioneer on the fall of the hammer - signifying the end of the sale for each lot. |
Vendor鈥檚 commission | The amount charged to the vendor of the goods, based on an agreed percentage of the hammer price. |
Buyer鈥檚 premium | The amount charged to the buyer of the goods, based on an agreed percentage of the hammer price. |