Gold ― supplies of non-investment gold

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

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

What is the VAT treatment of supplies of non-investment gold?

Supplies of non-investment gold are not exempt from VAT and if the supply is not zero-rated then it will be liable to VAT in the normal way. However, as an anti-avoidance measure to avoid VAT fraud, HMRC has introduced a special accounting scheme (gold scheme) to account for standard-rated supplies of gold. Under the scheme, where the relevant requirements are met, it is the customer rather than the supplier who is required to account for any VAT due on the supply. More

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Enterprise investment scheme tax relief

Enterprise investment scheme tax reliefOverview of EIS tax reliefsThe enterprise investment scheme (EIS) offers significant tax reliefs to encourage individuals to invest money in qualifying shares issued by qualifying unquoted companies. The scheme is designed to encourage investment in small,

14 Jul 2020 11:36 | Produced by Tolley Read more

Corporation Tax

Associated companies ― from 1 April 2023

Associated companies ― from 1 April 2023Implications of associated companiesFrom 1 April 2023, the rate of corporation tax that a company is subject to depends on the level of its augmented profits. The rate of tax is based on a comparison of the company’s augmented profits against the corporation

22 Mar 2021 10:21 | Produced by Tolley Read more

Owner-Managed Businesses

Sales, advertising and marketing

Sales, advertising and marketingExpenditure on sales, advertising and marketing activities may include amounts which are disallowable for the purposes of calculating trading profits. This may be because the expenditure is:•capital in nature (see the Capital vs revenue expenditure guidance note)•not

14 Jul 2020 13:28 | Produced by Tolley Read more

UU��ֱ��