In Qubic Advisory Services Ltd v HMRC [2024] UKUT 106 (TCC) (23 April 2024) the UT decided that the appellant was not required to comply with the special invoicing and record keeping requirements for transactions in investment gold because the customers had waived the right to take physical possession of the gold.
The supply of investment gold is exempt from VAT under VATA 1994 Sch 9 Group 15 and businesses that supply it are subject to special invoicing and record keeping requirements under The Value Added Tax Regulations SI 1995/2518 reg 31A. For example reg 31A requires suppliers to issue invoices and maintain records that contain such details as may be specified in a Notice published by HMRC. The Notice reg 31A refers to is Notice 701/21 and it includes provisions which have the force of law regarding the details which must be included on invoices and...
