Fancy buying an MP4-12C in an online auction?

that belongs (or belonged) to a scrap metal dealer that owed about £20 million in vat

http://www.insidermedia.com/insider/yorkshire/1020...

Gets near finished and then resets to 10 mins to go whenever a bid is placed - this process of adding 10 mins continues until no bids are received in the last 10 mins - weirdest auction ever with no end in sight!

Not familiar with this type of movable end auction but clearly it is good for the seller as the period keeps extending and could be good for the buyer as no one is rushed into a spur of the moment bidding race, always 10 minutes to decide. I guess the only downside is if you are a keen buyer you might have to hang around for quite a while for it to eventually finish!

I suspect that the VAT is only on the 5% buyers fee.

So £127k including fees. Not bad for a 2012 2,564 mile car.

Reading the T&C's on their website, not sure that is the case?

VAT Payments and Returns:

All overseas Buyers (EU and non EU) will be charged VAT at the current rate on each Lot purchased. This will be refunded to the overseas Buyer as soon as the Seller receives a copy of the bill of lading as proof of export, providing this documentation is received within 3 months of the sale date. The Seller is unable to refund the VAT on the Buyer’s Premium to non EU countries.

You don't pay VAT on second hand cars. (so my accountant tells me).

The VAT on the 5% fee.

Nice in black