UT/2023/000067 - [2024] UKUT 00106 (TCC)

The Notice is the relevant notice as referred to by the VAT Regulations. The relevant invoice and record keeping obligations in this case are those in sections 6.4 and 7.1 of the Notice. Section 6 is headed, “Invoice requirements for trading in exempt investment gold.” Section 6.1, which is not legally binding, provides:

“6.1

Basic information about requirements

There are special notification, invoicing, accounting and record keeping requirements for persons who trade in exempt investment gold.

The requirements apply when you sell exempt investment gold and the gold is delivered, or otherwise made available to your customer.

If you do not meet your notification, invoicing, accounting and record keeping obligations you may become liable for a penalty, see section 9.

The requirements and penalties apply whether or not you’re registered or liable to be registered for VAT.”

Section 6.4 of the notice, which is legally binding, goes on to provide:

“6.4

Details to include on invoices for sales of exempt investment gold

This section has force of law.

Each invoice must contain the following details if appropriate:

• name and address of seller; your name and address (if different to the seller); name and address of the purchaser; delivery address (if different); unique customer reference (see paragraph 7.1(b)).

• date of invoice; delivery date; type of supply (for example, sale).

• your VAT registration number if you, or your principal are registered for VAT, or the seller’s VAT registration number (if you’re not the seller); and

• a description of the gold supplied;

• for bars and wafers: form, weight and purity, any other identifying feature (including any proprietary mark, hallmark and serial number where applicable); or

• for investment gold coins: the coin type, country of origin and whether or not the coin is included on the list of gold coins reproduced in Notice 701/21A Investment gold coins.

• the number of items; and

• the total amount payable”

Section 7 of the Notice is headed “Records to be Kept” and sets out the further record keeping obligations. Section 7.1, which is legally binding, provides:

“If you sell exempt investment gold which is delivered or available to be taken away by your customer you must keep the following information as part of your business records….”