The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note covers the VAT treatment of supplies of gold that are not covered in the Investment gold and gold coins guidance note.
Businesses dealing in gold supplies that are not treated as investment gold firstly need to determine whether the supply is within the scope of UK VAT. The Flowchart – is the supply of gold within the scope of UK VAT? should be used to determine whether the supply falls within the scope of UK VAT.
The following supplies between central banks, and a central bank and a member of the London Bullion Market can be zero-rated:
A 'central bank' is the bank of England and its counterpart located in another country. The London Bullion Market is a commodity market under the Value Added Tax (Terminal Markets) Order 1973. See the Trading on the terminal markets guidance note for more information.
Precious metals cannot be sold under the second-hand margin scheme as a general rule. However, items of a numismatic interest, such as non-investment gold coins which are sold as collectors items, may be sold under the margin scheme.
The import of goods, other than investment gold / gold coins, are liable to VAT at the standard rate. However the importation or acquisition of gold from another EU country by the central bank will
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