Value Added Tax

Gold ― investment gold and gold coins

Produced by Tolley
  • 22 Jun 2022 08:31

The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Gold ― investment gold and gold coins
  • What is investment gold?
  • Investment gold coins
  • What supplies can be exempt from VAT?
  • Notifying HMRC
  • Opting to tax
  • Reclaiming input tax
  • Input tax partly attributable to exempt supplies
  • Invoicing
  • Issuing invoices
  • More...

Gold ― investment gold and gold coins

This guidance note provides an overview of the VAT treatment of supplies of investment gold and gold coins. For supplies of non-investment gold see the Gold ― supplies of non-investment gold guidance note for more information.

See the Flowchart ― is the supply of gold within the scope of UK VAT? for further assistance on determining the correct VAT treatment of the transaction.

What is investment gold?

Supplies of investment gold are exempt from VAT (subject to the option to tax explained below).

Investment gold is:

  1. gold with a purity of not less than 995 thousandths supplied either as a bar, wafer or of a weight acceptable to the bullion markets

  2. a gold coin that qualifies as an investment gold coin

Investment gold coins

HMRC has published a list of investment gold coins and included a link to it in the online edition of Notice 701/21A. An investment gold coin is either (a) a coin included in the list published by HMRC that is current at the relevant time, or (b) a gold coin minted after 1800 that meets all of the following criteria:

  1. it is of a purity of not less than 900 thousandths

  2. it is, or has been, legal tender in its country of origin

  3. it is of a description of coin that is normally sold at a price that does not exceed 180% of the open market value of the gold contained in the coin

It is the normal

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