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Guidance on the treatment of part-exchange goods can be found in VATVAL, which also covers inflation of part-exchange values to secure credit from finance companies (referred to in VATMARG13250).

Where goods are accepted on the basis of a minimum part exchange value, the full amount allowed is considered to be the purchase price of the part exchange goods. »Ê¹ÚÌåÓýapp selling price of goods bought by the customer is the full amount charged.

If the part-exchange goods are eligible margin scheme goods, their purchase price is the full amount allowed for them.

»Ê¹ÚÌåÓýapp business must obtain a purchase invoice for goods bought from a VAT-registered dealer. If it buys from a private person or an unregistered dealer, it may include details of the part-exchange items on the sales invoice provided all the requirements of »Ê¹ÚÌåÓýapp VAT Margin Scheme and global accounting.