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HMRC internal manual

VAT Time of supply

From
HM Revenue & Customs
Updated
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Tax points for specific types of supply: Gold

Section 55 of the VAT Act 1994 provides for a special accounting and payment scheme for supplies of gold. This is intended to combat fraud. Its impact on time of supply is section 55(4) which disapplies all but the basic tax point rules.

This means that the tax point for supplies covered by the scheme will normally be the date of removal of the gold. Further guidance on the operation of the gold scheme can be found in the manual covering the liability of gold.