Value Added Tax Act 1994

[F1 GROUP 15—INVESTMENT GOLD U.K.

Textual Amendments

F1 Sch. 9 Pt. 2 Group 15 added (1.1.2000) by S.I. 1999/3116, art. 2(3)

Item No. U.K.

F2 1 The supply of investment gold.

Textual Amendments

F2 Sch. 9 Pt. 2 Group 15 Item 1 added (1.1.2000) by S.I. 1999/3116, art. 2(3)

F3 2 U.K. The grant, assignment or surrender of any right, interest, or claim in, over or to investment gold if the right, interest or claim is or confers a right to the transfer of the possession of investment gold.

Textual Amendments

F3 Sch. 9 Pt. 2 Group 15 Item 2 added (1.1.2000) by S.I. 1999/3116, art. 2(3)

F4 3 U.K. The supply, by a person acting as agent for a disclosed principal, of services consisting of—

(a) the effecting of a supply falling within item 1 or 2 that is made by or to his principal, or

(b) attempting to effect a supply falling within item 1 or 2 that is intended to be made by or to his principal but is not in fact made.

Textual Amendments

F4 Sch. 9 Pt. 2 Group 15 Item 3 added (1.1.2000) by S.I. 1999/3116, art. 2(3)

F5 Notes: U.K.

(1) For the purposes of this Group “investment gold” means—

(a) gold of a purity not less than 995 thousandths that is in the form of a bar, or a wafer, of a weight accepted by the bullion markets;

(b) a gold coin minted after 1800 that—

(i) is of a purity of not less than 900 thousandths,

(ii) is, or has been, legal tender in its country of origin, and

(iii) is of a description of coin that is normally sold at a price that does not exceed 180% of the open market value of the gold contained in the coin; or

(c) a gold coin of a description specified in a notice that has been published by the Commissioners for the purposes of this Group and has not been withdrawn.

(2) A notice under Note (1)(c) may provide that a description specified in the notice has effect only for the purposes of supplies made at times falling within a period specified in the notice.

(3) Item 2 does not include—

(a) the grant of an option, or

(b) the assignment or surrender of a right under an option at a time before the option is exercised.

(4) This Group does not include a supply—

(a) between members of the London Bullion Market Association, or

(b) by a member of that Association to a taxable person who is not a member or by such a person to a member.]

Textual Amendments

F5 Sch. 9 Pt. 2 Group 15 Notes added (1.1.2000) by S.I. 1999/3116, art. 2(3)