Consultation outcome

Legislative reform of the Terminal Markets Order: Consultation

From:
HM Treasury
Published
18 July 2023
Last updated
28 April 2025 바카라 사이트� See all updates
This consultation has concluded

Read the full outcome

Ref: ISBN 978-1-917638-07-4

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Detail of outcome

This document summarises the responses received and planned next steps following the 8-week consultation on the legislative reform of the VAT Terminal Markets Order (TMO), which took place between 18 July and 12 September 2023.

The TMO is a revenue neutral tax simplification measure for certain wholesale commodity transactions made by members on named commodity exchanges or market associations, called 바카라 사이트淭erminal Markets바카라 사이트�. The consultation sought views on proposals to modernise the TMO legislation, whilst maintaining the overall policy approach.

The government is committed to reforming the TMO legislation and is grateful for the responses received, all of which it has carefully considered. The 바카라 사이트 will continue to engage with industry stakeholders and representatives, to develop a modernised legislative framework that reflects current market practices and that will agilely respond to future market changes, including evolving areas such as emissions markets.

Original consultation

Summary

A consultation on legislative reforms to modernise the legislation that underpins the VAT treatment of certain wholesale commodity transactions.

This consultation ran from
to

Consultation description

This consultation sets out how the 바카라 사이트 proposes to modernise the legislation that underpins the VAT treatment of transactions that are in scope of the Terminal Markets Order (TMO), whilst maintaining the overall policy approach.

The TMO is a revenue neutral tax simplification measure for certain wholesale commodity transactions made by members on named commodity exchanges or market associations, called 바카라 사이트淭erminal Markets바카라 사이트�.

While the UK was a member of the European Union, the TMO could not be updated to keep pace with the changing commodity market. Following EU exit, the 바카라 사이트 is taking the opportunity to update the legislation to clarify the VAT treatment of exchange traded commodity transactions. This will ensure that the legislation reflects how the markets operate today and provides greater certainty in relation to the VAT treatment.

The 바카라 사이트 is also consulting on proposals to amend the TMO legislation to fulfil its commitment to bring the UK Emissions Trading Scheme fully into the scope of the TMO.

Documents

PDF, 257 KB, 29 pages

Updates to this page

Published 18 July 2023
Last updated 28 April 2025 show all updates

  1. Summary of responses added.

  2. First published.

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