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This guidance note provides an overview of how the margin scheme operates. Note that there are special rules in places when a margin scheme is used in respect of:

1. •

   second-hand vehicles ― see the Margin scheme ― second-hand motor vehicles guidance note

2. •

   horses and ponies ― see the Margin scheme ― horses and ponies guidance note

3. •

   houseboats and caravans ― see the Margin Scheme ― houseboats and caravans guidance note

4. •

   items that have been pawned ― see the Margin scheme ― agents and pawnbrokers guidance note

5. •

   high volume, low price items ― in this instance the Global Accounting Scheme may be used, which is a simplified version of the VAT margin scheme - see the Global accounting margin scheme guidance note

VATA 1994, s 50A; De Voil Indirect Tax Service V3.531, V3.535; SI 1992/3222, Article 2; SI 1995/1268, Article 12; FA 1995, s 24; VATMARG02000

There are also different rules:

1. •

   for auctioneers ― see the Margin scheme ― auctioneers guidance note

2. •

   for agents see the Margin scheme