VAT Record-Keeping Requirements for Investment Gold Supplies: Upper Tribunal Ruling on Qubic Advisory Services

• HMRC imposed penalties of £14.8 million on Qubic Advisory Services Limited for not issuing proper invoices and keeping accurate records for supplies of investment gold
• Qubic did not deliver or make gold available to customers, but transferred it to designated employees of its clients
• The transfer triggered Qubic’s invoicing and record-keeping requirements according to the First-tier Tribunal
• BullionVault’s service was not primarily for customers who wanted physical possession of gold
• The Upper Tribunal concluded that employees did not have the right to obtain possession of the gold, so Qubic was not subject to invoicing and record-keeping requirements
• Qubic’s appeal against the penalties was allowed by the Upper Tribunal

Source: taxscape.deloitte.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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