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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Value Added Tax (Treatment of Transactions) (No.2) Order 1992 No. 3132 URL: http://www.bailii.org/uk/legis/num_reg/1992/uksi_19923132_en.html |
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Statutory Instruments
VALUE ADDED TAX
Made
9th December 1992
Laid before the House of Commons
11th December 1992
Coming into force
1st January 1993
The Treasury, in exercise of the powers conferred on them by section 8A(4) of the Value Added Tax Act 1983(1) and of all other powers enabling them in that behalf, hereby make the following Order:
1. This Order may be cited as the Value Added Tax (Treatment of Transactions)(No.2) Order 1992, and shall come into force on 1st January 1993.
2.-(1) Where gold is supplied to a Central Bank by a supplier in another member State, and the transaction involves the removal of the gold from that or some other member State to the United Kingdom, the taking possession of the gold by the Central Bank concerned is not to be treated for the purposes of the Value Added Tax Act 1983 as the acquisition of goods from another member State.
(2) For the purposes of this article, gold includes gold coins.
Irvine Patnick
Tim Boswell
Two of the Lords Commissioners of Her Majesty's Treasury
9th December 1992
(This note is not part of the Order)
This Order treats the supply to a Central Bank of gold (including gold coins) by a supplier in another member State as not giving rise to an acquisition of goods from another member State. Consequently, tax does not become chargeable on the receipt of such gold by the Central Bank concerned.
1983 c. 55; section 8A was inserted by the Finance (No. 2) Act 1992 (c. 48), section 14(2) and Schedule 3,paragraph 10.
