
1 
This Order may be cited as the Value Added Tax (Terminal Markets) Order 1999 and shall come into force on 1st January 2000 and shall have effect in relation to supplies made on or after that date.
2 
The Value Added Tax (Terminal Markets) Order 1973 shall be amended in accordance with articles 3 to 8 below.
3 
In article 2(2) for “the London Gold Market” there shall be substituted “the London Bullion Market” and the words “the London Silver Market” shall be deleted.
4 
After article 2(3) there shall be inserted—“
(4) Notwithstanding paragraph 3 above, for the purposes of this Order a person is to be regarded as being a member of the London Bullion Market only if that person is a member of the London Bullion Market Association.”.
5 
After article 2(4) there shall be inserted—“
(5) In this Order—
 “investment gold” has the same meaning as that expression has for the purposes of Group 15 of Schedule 9 to the Value Added Tax Act 1994;
 “the Act” means the Value Added Tax Act 1994.”.
6 
In article 3(1)(a) after the word “goods” there shall be inserted “, other than investment gold,”.
7 
In article 3(1)(c) after the word “made” there shall be inserted “, or where a supply of a description falling within article 4 or 5 below is made,”.
8 
After article 3 there shall be added—“
4 
Supplies between taxable persons which but for Note 4(a) to Group 15 of Schedule 9 to the Act (exemption for investment gold) would have fallen within that Group are hereby zero-rated.
5 
Subject to articles 6 and 7 below, section 55(1) to (4) of the Act (customers to account for tax on supplies of gold) shall apply to any supply between taxable persons which but for Note 4(b) to Group 15 of Schedule 9 to the Act would have fallen within that Group.
6 
Subject to article 7 below, where a taxable person who is not a member of the London Bullion Market Association makes or receives a supply falling within the description in article 5 is liable to be registered under Schedule 1 or under Schedule 3 to the Act solely by virtue of that supply or acquisition, paragraphs 5 to 8 of Schedule 1 or paragraph 3 of Schedule 3 to the Act (notification of liability and registration) shall not apply.
7 
Notwithstanding section 55(2) of the Act, where articles 5 and 6 above apply, it shall be for the London Bullion Market Association member, on the non-member’s behalf, to keep a record of the supplies and to pay to the Commissioners of Customs and Excise the net amount of VAT, and not for the person who is not a member.”.
Bob Ainsworth
David Jamieson
Two of the Lords Commissioners of Her Majesty’s Treasury
19th November 1999