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HMRC internal manual


HM Revenue & Customs
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Valuation for import VAT: exceptions to the normal rules: permanent imports: gold imported on behalf of Central Banks

Gold and gold coins owned by Central Banks are occasionally moved to the UK for sale or storage. In view of the sensitive nature of these importations, relief from VAT is allowed under Group 10 Schedule 8 of the VAT Act 1994, the Value Added Tax (Imported Gold) Relief Order 1992 (SI 1992/3124), and The Value Added Tax (Treatment Of Transactions) (no 2) Order 1992 (SI 1992/3132).

Relief is obtained by quoting a restricted use CPC on the import entry. In most cases members of the London Bullion Market Association (LBMA) act as agents for the Central Banks. Only LBMA members who are authorised to use the procedure may use the CPC to obtain import VAT relief. Use of the CPC effectively constitutes a declaration that although the LBMA member is shown as the importer, the gold remains the property of a Central Bank and is entitled to relief upon importation. Details of the procedures for this relief are notified individually to LBMA members involved in such importations.

Authorisation for use of the relief may only be given by Financial Services (VAT & IPT) Team, Liability Division, CT & VAT Products & Processes at 100 Parliament Street, to whom all queries should be addressed.