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HMRC internal manual

VAT Gold

Gold: Scope of this guidance

Our books of guidance are the main reference material for people in the Department. All HM Revenue and Customs’ formal procedures and work systems are outlined in these books which give managers and staff the Department’s rules and guidelines and general advice on interpreting them.

The guidance is aimed at HMRC staff and should not be relied upon by businesses in calculating their taxes and/or duties.

Full guidance on the VAT liabilities of gold can be found in Notices:

  • 701/21 Gold, which describes the various liabilities relating to gold, including investment gold, and the relevant accounting requirements and has the force of law in some parts; and
  • 701/21A Investment Gold Coins which gives a definition of investment gold coins. Section 3 (listing VAT exempt gold coins) has the force of law.

This guidance includes:

  • the background to the exemption for investment gold;
  • the special accounting scheme or reverse charge procedure; and
  • references to UK and relevant EC law concerning gold.

You will need to read this in conjunction with the Notices.