VAT Margin Schemes

VATMARG13750 - 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 collectors바카라 사이트� 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 바카라 사이트渄aily fix price바카라 사이트� 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 (seeGold).

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 inInvestment gold coins which includes a list of the coins deemed to be 바카라 사이트渋nvestment gold바카라 사이트� for the purpose of EU and UK law.