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HMRC internal manual

VAT Margin Schemes

HM Revenue & Customs
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Specific circumstances: Use of margin scheme for gold coins


Although precious metals are excluded from the margin schemes, items of numismatic interest (gold coins bought and sold as collectors’ items) are eligible.

Gold coins are excluded from the margin scheme as precious metals if they are sold for less than the open market value (excluding VAT) of the gold which they contain.

The open market value of the gold is effectively the “daily fix price” of the gold set twice a day by members of the London Bullion Market Association.

Sales of gold coins outside the margin scheme are taxable at the standard rate on their full value. Such supplies, if made by taxable persons, fall under the special VAT accounting scheme for gold (seeNotice 701/21Gold).

Gold coins considered to be investment gold Gold coins which are deemed to be investment gold under Article 344(1) of EU Council Directive 2006/112 are not considered to be of numismatic interest and are therefore

not eligible for the margin scheme. Further details can be found inNotice 701/21AInvestment gold coins which includes a list of the coins deemed to be “investment gold” for the purpose of EC and UK law.