Terminal Markets Order Infraction Proceedings
The LPPM is aware the European Commission is looking into the UK’s policy not to charge VAT on certain commodity derivatives. Under the current Terminal Markets Order, the UK does not charge VAT on spots, futures and options on commodity contracts when traded on an exchange. At the moment, this policy is still in place and unaffected by the EU investigation.
A response to the EU has been sent by Treasury/HM Customs and Excise and we await a further reply from the EU, which we have been informed could take up to a year.
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Authorised Operator Certification is operational and can be applied for via HMRC, for further guidance and explanation please see the link here.
Please rest assured that as soon as we hear anything further, we will post on the LPPM website to let our members know.