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

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Allowable expenses for property businesses

Allowable expenses for property businessesGeneral itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading and the rules for individuals in a property business are generally the same as for companies with some exceptions which are

14 Jul 2020 13:26 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more

Tax Returns

Personal Tax

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more

Tax Returns

Owner-Managed Businesses

Interest on late paid tax

Interest on late paid taxIntroductionInterest on late paid tax is a compulsory charge set out in legislation to reflect the interest which would have accrued to the Exchequer had the correct amount of tax been paid at the right time.Harmonised legislation was introduced in 2009 to:•set statutory

14 Jul 2020 12:00 | Produced by Tolley in association with Philip Rutherford Read more

UU��ֱ��