Supplies of non-investment gold

Produced by Tolley
Supplies of non-investment gold

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

  • Supplies of non-investment gold
  • Zero-rating
  • Imports and acquisitions
  • Exports and dispatches
  • Sales of gold to customers who are not VAT registered
  • Antique items
  • Special accounting scheme
  • Accounting for output VAT
  • Invoicing
  • Completing the VAT return
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.

This guidance note covers the VAT treatment of supplies of gold that are not covered in the Exemption ― 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:

  1. gold, including investment gold, physically held in the UK

  2. the right to acquire gold, including investment gold, physically held in the UK

  3. the acquisition of part interest in gold, including investment gold, physically held in the UK

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 De Voil Indirect Tax Service V4.208 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.

Imports and acquisitions

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

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