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

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