GJWisdom & Co Commercial Auctioneers & Valuers would like to update all of our clients and buyers that as of the 1st April 2022, due to our ever increasing costs, we have reluctantly made the decision to increase our buyers premium from 15% to 18%.

We have had one of the lowest Buyers Premium rates in the Country and certainly in London, but sadly, as are many other business's, we are now having to pass this on and therefore have made the decision to increase.

All this will mean for bidders, is they will need to factor this in when placing bids, for example on Lots that attract VAT:

On-Line Bid                     £100

18% Buyer's Premium   £18

20% VAT on Total          £23.60

TOTAL                           £141.60

Example for Lots without VAT:

On-Line Bid                     £100

18% Buyer's Premium   £18

20% VAT on BP only     £3.60

TOTAL                           £121.60

In summary, VAT is always chargeable on the Buyer's Premium which is now set at the new rate of 18%.