Commentary

700/57/21 Administrative agreements with trade bodies

Part V8 HMRC Notices
Part V8 HMRC Notices | Commentary

700/57/21 Administrative agreements with trade bodies

Part V8 HMRC Notices | Commentary

700/57/21
Administrative agreements with trade bodies

March 2021

This notice cancels and replaces Notice 700/57 (August 2004)

Overview

The agreements in this notice permit the members of trade bodies to use procedures which take into account their individual circumstances so they may meet their obligations under VAT law. The agreements apply only to areas where we can exercise discretion, and they convey no direct financial advantage or relief from the legal requirements of the tax.

But the agreements can provide unique solutions to particular problems and reduce the burdens on business. Some of them might usefully be applied by other businesses, but please remember that you cannot adopt any special method based on these agreements unless HMRC has given approval in advance. Nothing in any of these agreements can override any subsequent change in the law, and they can be terminated at any time by us.

Details of new agreements will be published in Business Briefs and will be included in the next revision of this notice.

1 Agreement with the London Bullion Market Association about supplies of bullion

1 HMRC has agreed with the London Bullion Market Association (LBMA) certain practical rules to govern the VAT treatment of supplies of bullion (gold and silver excluding coins) on the London Bullion Market. Supplies on or after the 1 July 1991 come within the terms of this agreement.

2 Under the terms of the VAT (Terminal Markets) Order 1973 there's provision for zero-rating supplies of bullion where both parties to the transaction are LBMA members. In addition, supplies to and

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