(AGENPARL) - Roma, 30 Giugno 2022(AGENPARL) – LONDON gio 30 giugno 2022

Investment gold including coins
Legislation |
Effect |
EC legislation (Dir 2006/112) |
– |
VAT Directive – Articles 344 to 356 |
Provides EC vires for the exemption of investment gold |
UK legislation |
– |
VAT Act 1994 Schedule 9, Group 15 |
Exempts investment gold |
VAT Act 1994 Section 69A |
Provides penalties for breach of VAT Regulations 1995 |
VAT Regulations 1995 (SI1995/2518) Regulation 31A |
Lists the invoicing, record keeping and notification requirements |
VAT Regulations 1995 (SI1995/2518) Regulations 103 and 103A |
Give a limited right to deduct input tax |
VAT (Investment Gold) Order 1999 (SI 1999/3116) |
Gives the right to opt to tax investment gold |
Special accounting scheme
Legislation |
Effect |
EC legislation (Dir 2006/112) |
– |
VAT Directive Article 198 (2) and (3) and Articles 208 and 255 |
Allows Member States to introduce measures to combat fraud on gold supplies between taxable persons |
UK legislation |
– |
VAT Act 1994 Section 55 |
Covers the scheme and also applies to supplies subject to an option to tax under the VAT (Investment Gold) Order 1999, Article 4 (SI 1999/3116) |
Zero-rates
Legislation |
Effect |
EC legislation (Dir 2006/112) |
– |
VAT Directive Article 198 (1) and (3); and Articles 352 to 353 |
Provides the vires for the UK to zero rate investment gold in the VAT (Terminal Markets) Order 1973. Note: The vires for the Terminal Markets zero rate was a transitional derogation as part of the UK’s entry into the Common Market |
VAT Directive Article 152 |
Exempts supplies by/to Central Banks |
VAT Directive Articles 169 to 170 |
Gives a right of deduction for Article 152 supplies |
UK legislation |
– |
VAT Act 1994 Section 50 |
Introduces the Terminal Markets Order |
VAT Act 1994 Schedule 8 Group 10 |
Zero rates supplies by/to Central Banks |
VAT (Terminal Markets) Order 1973 (SI 1973/173) Articles 4 to 7 |
Concerns transactions in investment gold on the London Bullion Market |
Fonte/Source: https://www.gov.uk/hmrc-internal-manuals/vat-gold-manual/vgold1700