VATMARG04100 - The auctioneers바카라 사이트™ scheme: Terms used in Section 7 to 12 of Notice 718
For the purposes of the auctioneers바카라 사이트™ scheme, definitions of some of the terms used in this section and in The VAT Auctioneers바카라 사이트™ 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. |
| Vendor바카라 사이트™s commission | The amount charged to the vendor of the goods, based on an agreed percentage of the hammer price. |
| Buyer바카라 사이트™s premium | The amount charged to the buyer of the goods, based on an agreed percentage of the hammer price. |