Commentary

V5.143 VAT payment—supplies of gold

Part V5 Compliance, enforcement and appeals

V5.143 VAT payment—supplies of gold

V5.143 VAT payment—supplies of gold

The UK legislation relating to the treatment of supplies of gold is derived from Directive 2006/112/EC, which provides for:

  1.  

    (1)     the exemption of investment gold (arts 346–347). This exemption is contained in VATA 1994, Sch 9, Group 15; see V4.186

  2.  

    (2)     the option to tax investment gold (arts 348–351). The UK legislation is contained in VATA 1994, s 31(2) and SI 1999/3116; see V4.186

  3.  

    (3)     the zero-rating (more accurately in EU terms, the suspension of tax) of supplies of investment gold on a regulated bullion market (arts 352–353). The UK legislation is contained in V4.277

VAT accounting scheme for standard-rated supplies of gold

A special accounting scheme applies to supplies of

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