The Value Added Tax (Treatment of Transactions) (No.2) Order 1992

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[^f00001] 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, and the transaction involves the removal of the gold from a member State to Northern Ireland, 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 1994 as the acquisition in Northern Ireland of goods from a member State.

• (2) For the purposes of this article, gold includes gold coins.

Signed

Irvine Patnick — Tim Boswell — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th December 1992

Explanatory note

(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.

Footnotes

[^f00001]: 1983 c. 55; section 8A was inserted by the Finance (No. 2) Act 1992 (c. 48), section 14(2) and Schedule 3,paragraph 10.

Editorial notes

[^key-b3a0b29521079e2c7b768388d3e256ce]: Art. 1 in force at 1.1.1993, see art. 1

[^key-6afde319eeb580d4021b4055656a2efe]: Art. 2 in force at 1.1.1993, see art. 1

[^key-24c6650d12e4ce304bd1a3f2df2eb1bc]: Art. 2(1) substituted (31.12.2020) by The Value Added Tax (Miscellaneous Amendments, Northern Ireland Protocol and Savings and Transitional Provisions) (EU Exit) Regulations 2020 (S.I. 2020/1545), regs. 1, 16(2) (with regs. 109-131); S.I. 2020/1641, reg. 2, Sch.