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5 December 2017, 07:48 AM | #1 |
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Legal For Tourist To Sell One Rolex In U.K. ?
If I travel to the U.K and find a good buyer for my good watch, is it legal for me to sell it ? Any taxes due ?
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5 December 2017, 07:50 AM | #2 |
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The buyer would in theory legally have to pay VAT & Customs fees (around 29%), but you may have trouble bringing it through customs all boxed etc...would be better wearing it and posting the box etc separately.
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5 December 2017, 08:22 AM | #3 |
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I don’t think so Gary. The buyer isn’t importing it and is buying it in the UK so no VAT or duty payable by the buyer (IMO)
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5 December 2017, 08:25 AM | #4 |
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I think it’s a tricky situation..if the importer hasn’t paid duty and smuggled it in, then i think the buyer could be liable still? Would be good to get clarification on it though.
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5 December 2017, 08:45 AM | #5 |
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I travel Internationally often and I try to follow all the rules and avoid any possible violations. Once you get on the “ bad guy list” coming through Customs can get really ugly.
You have stated publicly that you are bringing in an expensive item with the intent to sell. Not a great idea. |
5 December 2017, 08:48 AM | #6 | |
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5 December 2017, 09:58 AM | #7 |
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Surely it depends whether the watch is brand new or second hand?
Isn't VAT only due on new goods when sold to the first owner direct from the manufacturer? Once the item has been sold it becomes second hand, therefore no more VAT is due as tax has been paid by the first owner in the country it was purchased in? |
5 December 2017, 10:11 AM | #8 | |
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Not sure where that fits in this situation, but I wouldn't think a visitor/tourist could sell an expensive item while visiting another country without some kind of declaration when leaving the country. |
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5 December 2017, 10:19 AM | #9 |
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I imagine it's the same rule, where if it's a gift and to be left in the country, VAT would be payable. But if the tourist takes it back out of the country, no taxes would be payable.
At least in Canada, I know of a case where a visitor brought over a Rolex for a relative as a gift. Tried saying it was his to wear, but Customs didn't buy it as it was unsized, had the box and paperwork all together. Got slapped with some pretty hefty fines and red flagged on all future visits. |
5 December 2017, 12:57 PM | #10 |
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So much for free trade . . .
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5 December 2017, 04:33 PM | #11 |
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Who cares? Do it. Who is going to know?
The UK can't even keep track of the jihadists. You think they have time to track rolex sales? |
5 December 2017, 04:40 PM | #12 |
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He is and there would be under those circumstances.
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5 December 2017, 04:41 PM | #13 |
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5 December 2017, 04:45 PM | #14 |
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Keep the watch, box and paperwork separated. I don’t see any issue unless you scream “I’m here to sell this watch!” to any custom officer you met at airport.
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5 December 2017, 04:50 PM | #15 |
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5 December 2017, 04:50 PM | #16 |
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That's a little unfair.
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5 December 2017, 04:57 PM | #17 | |
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Im not an expert on how vat is applied but there are margin schemes where second hand goods can be taxed on the profit which is the difference between what the dealer paid vs the price they sold at or the normal rate, but there is VAT due. Here is the FAQ from watchfinder. They are not an AD so every watch they sell is technically used and all watches are definitely being sold for at least the second time... "The price quoted includes VAT (or similar sales tax) at the prevailing rate. If the rate of VAT changes between the date of your Order and the date of dispatch, we will adjust the rate of VAT that you pay, unless you have already paid for the Goods in full before the change in the rate of VAT takes effect." |
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5 December 2017, 05:18 PM | #18 | |
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I Don't see the difference between 2 randoms who aren't VAT registered doing a face to face deal and you or I buying a used watch from the small ads or eBay? You wouldn't pay VAT on a private sellers watch on eBay, so what's the difference? Cheers Sent from my Moto G (4) using Tapatalk
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5 December 2017, 05:24 PM | #19 | |
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5 December 2017, 05:26 PM | #20 |
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I think you're bang on here, Scott. I can't imagine VAT being applicable on a second hand product; I know for certain that I can't claim my VAT back when I leave the UK to come back out here if I buy a watch from someone like Watchfinder.
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5 December 2017, 05:30 PM | #21 | |
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5 December 2017, 05:37 PM | #22 |
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just goes to show how daft some of the rules are.
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5 December 2017, 05:44 PM | #23 |
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Jeez guys, ring Customs and just ask them.
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5 December 2017, 06:03 PM | #24 |
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y'think?
I once got involved in the "temporary importation" of a "valuable dutiable item" into the UK, it would only be there for a few weeks then reexported back home. Shipping in & out all booked & prepaid with longstanding transport companies, no issues there. But then the British Excise or whatever foreign affairs Department got into the game and insisted that we also prepay the applicable duties... "just in case the item didn't ultimately leave the country &/or in same valued condition as on entry"... which they required as a bond drawn on a UK bank = extra paperwork. Great |
5 December 2017, 06:14 PM | #25 |
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We wish it was that simple... whenever we call up, officer gives his verbal opinion. Call up again straight after, get another guy and the story changes. We ask for written email confirmation... that arrives different to earlier discussion too.
Take this one time yrs ago we needed to courier Title deeds to UK. No problem, everyday item right? UK customs asks "what's its value", as anything over 20quid(ish) gets VAT'd. No problem, logic prevails. They held it until acceptable value invoice was provided. But what's that exact parcel's contents worth exactly?? It's just a document = pile of paper... to a recycling bin, worth negligible. It's original title deeds to a million$ property that somebody paid million$ for. If that document got lost or destroyed, to get that stack redrawn by solicitors would cost several thousand$$. |
5 December 2017, 06:15 PM | #26 |
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Compare it to shipping/posting a watch from the USA to the UK for sale. You have to declare the value and are taxed accordingly. This is IMO no different apart from the watch is on someones arm rather than in the post. VAT and import duties are still required if knowingly importing to sell even if the item is second hand/used. Just my 2 cents, I may be well off the mark.
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5 December 2017, 06:22 PM | #27 | |
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#1 if you wear the watch in & the sale falls thru and you take it back out of the country... do you get refund of tax you've volunteered to pay earlier? #2 is a "tourist" allowed to enter & sell goods? Or do you need a different entry visa and a remote 3rd.. If a tourist wears a fancy piece into UK intending to take it back out when he departs... but by some misfortune either destroys or loses that piece = unable to reexport... is VAT due then? |
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5 December 2017, 07:18 PM | #28 | |
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If the sale falls through I'm sure there would be a method for recovering the taxes/duties paid already. I'm guessing that the type of visa doesn't have a bearing on this, just the taxes and duties due on the item. (I'm English so I have no idea about visa requirements for people entering and what they can and cannot do on certain visas). |
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5 December 2017, 07:44 PM | #29 |
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Eddie, your wrong mate (and the irony of someone from Oz correcting soemone from the UK on UK VAT law is not lost on me )
There are specific UK VAT laws for imported goods. If you are in the UK and importing goods from outside the EU you pay VAT at the prevaliing rate on those goods, whether they are new or used and whether or not you (the buyer) are VAT registerd or not. The buyer here is not importing the goods and therefore is not liable for VAT. Its quite simple.
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5 December 2017, 07:52 PM | #30 | |
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Basically if you buy from David SW and he mails it to the UK, the buyer IS importing and pays VAT. If a dealer flies to the UK and the transaction happens in the UK then the seller IS importing. Who brings it into the country is the relevant thing here i think. |
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