The Value Added Tax (Terminal Markets) Order 1973 (from the file; to confirm against the document)

1.  This Order may be cited as the Value Added Tax (Terminal Markets) Order 1973 and shall come into operation on 1st April 1973.U.K. Commencement Information I1[Art. 1](/id/uksi/1973/173/article/1 "Go to Art. 1") in force at 1.4.1973, see [**art. 1**](/id/uksi/1973/173/article/1 "Go to art. 1")

2.—(1) The Interpretation Act 1889 shall apply for the interpretation of this Order as it applies for the interpretation of an Act of Parliament.U.K. (2) This Order applies to the following terminal markets— - the London Metal Exchange, - the London Rubber Market, - the London Cocoa Terminal Market, - the London Coffee Terminal Market, - the London Sugar Terminal Market, - the London Sugar Terminal Market, - the London Vegetable Oil Terminal Market, - the London Wool Terminal Market, - \[[F1](#commentary-key-f91119ba1ba15a3c82b29cc3e1ba7533 "View the commentary text for this item")the International Petroleum Exchange of London,\] - \[[F2](#commentary-key-734f912f335ea0026ecbd8e37a5e97b5 "View the commentary text for this item")the London Potato Futures Market,\] - \[[F3](#commentary-key-bae85bbb85be2816d88a05d439a0c172 "View the commentary text for this item")\[[F4](#commentary-key-901a089f3f70bbdcfba50a88fdd3e33a "View the commentary text for this item")the London Bullion Market\],\] - [F5](#commentary-key-303819e963157c5f21a8b27caa49a838 "View the commentary text for this item")... - [F6](#commentary-key-328a229581dd5de64ff16d7be6714256 "View the commentary text for this item")..., - \[[F7](#commentary-key-834e2b01ce93291909e51e519fc2a5c6 "View the commentary text for this item")the London Meat Futures Market,\] - the London Grain Futures Market, [F8](#commentary-key-50a4b32e272485b117c5cd19550608a8 "View the commentary text for this item")... - \[[F9](#commentary-key-29c13391e419adf98165e510c64e367c "View the commentary text for this item")the London Soya Bean Meal Futures Market, and\] - the Liverpool Barley Futures Market, - \[[F10](#commentary-key-00d560db5cb26e23ea0888d993427155 "View the commentary text for this item")and the London Platinum and Palladium Market\], - \[[F11](#commentary-key-473294b677c3e4d644d39b111c67b250 "View the commentary text for this item")and the London Securities and Derivatives Exchange Limited (OMLX).\] (3) References in this Order to a member of a market include any person ordinarily engaged in dealings on the market. \[[F12](#commentary-key-fc6930d0de44f96678c3c37124fad1de "View the commentary text for this item")(4) Notwithstanding paragraph 3 above, for the purposes of this Order a person is to be regarded as being a member of the London Bullion Market only if that person is a member of the London Bullion Market Association.\] \[[F13](#commentary-key-0a2033fa21a1ca48e6ef47fd8b0507ad "View the commentary text for this item")(5) In this Order— - “investment gold” has the same meaning as that expression has for the purposes of Group 15 of Schedule 9 to the Value Added Tax Act 1994; - “the Act” means the Value Added Tax Act 1994.\] Textual Amendments [F1](#reference-key-f91119ba1ba15a3c82b29cc3e1ba7533 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") inserted (6.4.1981) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1981 (S.I. 1981/338)](/id/uksi/1981/338 "The Value Added Tax (Terminal Markets) (Amendment) Order 1981"), [arts. 1](/id/uksi/1981/338/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 arts. 1"), [**2(a)**](/id/uksi/1981/338/article/2/a "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 2(a)") [F2](#reference-key-734f912f335ea0026ecbd8e37a5e97b5 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") inserted (6.4.1981) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1981 (S.I. 1981/338)](/id/uksi/1981/338 "The Value Added Tax (Terminal Markets) (Amendment) Order 1981"), [arts. 1](/id/uksi/1981/338/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 arts. 1"), [**2(b)**](/id/uksi/1981/338/article/2/b "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 2(b)") [F3](#reference-key-bae85bbb85be2816d88a05d439a0c172 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") inserted (1.4.1980) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1980 (S.I. 1980/304)](/id/uksi/1980/304 "The Value Added Tax (Terminal Markets) (Amendment) Order 1980"), [arts. 1](/id/uksi/1980/304/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1980 arts. 1"), [**2**](/id/uksi/1980/304/article/2 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1980 2") [F4](#reference-key-901a089f3f70bbdcfba50a88fdd3e33a "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") substituted (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**3**](/id/uksi/1999/3117/article/3 "Go to The Value Added Tax (Terminal Markets) Order 1999 3") [F5](#reference-key-303819e963157c5f21a8b27caa49a838 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") omitted (1.8.1985) by virtue of [The Value Added Tax (Terminal Markets) (Amendment) Order 1985 (S.I. 1985/1046)](/id/uksi/1985/1046 "The Value Added Tax (Terminal Markets) (Amendment) Order 1985"), [arts. 1](/id/uksi/1985/1046/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1985 arts. 1"), [**2**](/id/uksi/1985/1046/article/2 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1985 2") [F6](#reference-key-328a229581dd5de64ff16d7be6714256 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") revoked (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**3**](/id/uksi/1999/3117/article/3 "Go to The Value Added Tax (Terminal Markets) Order 1999 3") [F7](#reference-key-834e2b01ce93291909e51e519fc2a5c6 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") inserted (16.3.1984) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1984 (S.I. 1984/202)](/id/uksi/1984/202 "The Value Added Tax (Terminal Markets) (Amendment) Order 1984"), [arts. 1](/id/uksi/1984/202/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1984 arts. 1"), [**2**](/id/uksi/1984/202/article/2 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1984 2") [F8](#reference-key-50a4b32e272485b117c5cd19550608a8 "Go back to reference for this commentary item")Word in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") omitted (8.4.1975) by virtue of [The Value Added Tax (Terminal Markets) (Amendment) Order 1975 (S.I. 1975/385)](/id/uksi/1975/385 "The Value Added Tax (Terminal Markets) (Amendment) Order 1975"), [arts. 1](/id/uksi/1975/385/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 arts. 1"), [**3**](/id/uksi/1975/385/article/3 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 3") [F9](#reference-key-29c13391e419adf98165e510c64e367c "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") inserted (8.4.1975) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1975 (S.I. 1975/385)](/id/uksi/1975/385 "The Value Added Tax (Terminal Markets) (Amendment) Order 1975"), [arts. 1](/id/uksi/1975/385/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 arts. 1"), [**3**](/id/uksi/1975/385/article/3 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 3") [F10](#reference-key-00d560db5cb26e23ea0888d993427155 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") added (1.6.1987) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1987 (S.I. 1987/806)](/id/uksi/1987/806 "The Value Added Tax (Terminal Markets) (Amendment) Order 1987"), [arts. 1](/id/uksi/1987/806/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1987 arts. 1"), [**2**](/id/uksi/1987/806/article/2 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1987 2") [F11](#reference-key-473294b677c3e4d644d39b111c67b250 "Go back to reference for this commentary item")Words in [art. 2(2)](/id/uksi/1973/173/article/2/2 "Go to art. 2(2)") added (1.9.1997) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1997 (S.I. 1997/1836)](/id/uksi/1997/1836 "The Value Added Tax (Terminal Markets) (Amendment) Order 1997"), [arts. 1](/id/uksi/1997/1836/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1997 arts. 1"), [**2(b)**](/id/uksi/1997/1836/article/2/b "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1997 2(b)") [F12](#reference-key-fc6930d0de44f96678c3c37124fad1de "Go back to reference for this commentary item")[Art. 2(4)](/id/uksi/1973/173/article/2/4 "Go to Art. 2(4)") inserted (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**4**](/id/uksi/1999/3117/article/4 "Go to The Value Added Tax (Terminal Markets) Order 1999 4") [F13](#reference-key-0a2033fa21a1ca48e6ef47fd8b0507ad "Go back to reference for this commentary item")[Art. 2(5)](/id/uksi/1973/173/article/2/5 "Go to Art. 2(5)") inserted (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**5**](/id/uksi/1999/3117/article/5 "Go to The Value Added Tax (Terminal Markets) Order 1999 5") Commencement Information I2[Art. 2](/id/uksi/1973/173/article/2 "Go to Art. 2") in force at 1.4.1973, see [**art. 1**](/id/uksi/1973/173/article/1 "Go to art. 1")

3.—(1) The following supplies of goods or services in the course of dealings on a terminal market to which this Order applies are hereby zero-rated, subject to the conditions specified in this Article—U.K. (a)the sale by or to a member of the market of any goods \[[F14](#commentary-key-24a2b10869d311a68e9561b51559381c "View the commentary text for this item"), other than investment gold,\] ordinarily dealt with on the market, (b)the grant by or to a member of the market of a right to acquire such goods, (c)where a sale of goods or the grant of a right zero-rated under sub-paragraph (a) or (b) above is made \[[F15](#commentary-key-23fe55cf68c001f53e77d45e0b70053d "View the commentary text for this item"), or where a supply of a description falling within article 4 or 5 below is made,\] in dealings between members of the market acting as agents, the supply by those members to their principals of their services in so acting. (2) The zero-rating of a sale by virtue of paragraph (1)(a) above is subject to the condition that the sale is either— (a)a sale which, as a result of other dealings on the market, does not lead to a delivery of the goods by the seller to the buyer, or (b)a sale by and to a member of the market which— (i)if the market is the London Metal Exchange, is a sale between members entitled to deal in the ring, (ii)if the market is the London Cocoa Terminal Market, the London Coffee Terminal Market, \[[F16](#commentary-key-85776e7fc6ba1ab66230e01aeb9a4e5e "View the commentary text for this item")the London Meat Futures Market,\] \[[F17](#commentary-key-4ba9147c122047f6171545d4c9052993 "View the commentary text for this item")the International Petroleum Exchange of London, the London Potato Futures Market,\] \[[F18](#commentary-key-62a66c1cd46a91880d6c344eac71a0fb "View the commentary text for this item")the London Soya Bean Meal Futures Market\] the London Sugar Terminal Market, the London Vegetable Oil Terminal Market or the London Wool Terminal Market, is a sale registered with \[[F19](#commentary-M_F_9d3454f8-6f70-417a-b109-4a00e2928bda "View the commentary text for this item")the International Commodities Clearing House Limited,\] (iii)if the market is the London Grain Futures Market, is a sale registered in the Clearing House of the Grain and Feed Trade Association Limited, and (iv)if the market is the Liverpool Barley Futures Market, is a sale registered at the Clearing House of the Liverpool Corn Trade Association Limited. (3) The zero-rating of the grant of a right by virtue of paragraph (1)(b) above is subject to the condition that either— (a)the right is exercisable at a date later than that on which it is granted, or (b)any sale resulting from the exercise of the right would be a sale with respect to which the condition specified in paragraph (2) above is satisfied. Textual Amendments [F14](#reference-key-24a2b10869d311a68e9561b51559381c "Go back to reference for this commentary item")Words in [art. 3(1)(a)](/id/uksi/1973/173/article/3/1/a "Go to art. 3(1)(a)") inserted (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**6**](/id/uksi/1999/3117/article/6 "Go to The Value Added Tax (Terminal Markets) Order 1999 6") [F15](#reference-key-23fe55cf68c001f53e77d45e0b70053d "Go back to reference for this commentary item")Words in [art. 3(1)(c)](/id/uksi/1973/173/article/3/1/c "Go to art. 3(1)(c)") inserted (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**7**](/id/uksi/1999/3117/article/7 "Go to The Value Added Tax (Terminal Markets) Order 1999 7") [F16](#reference-key-85776e7fc6ba1ab66230e01aeb9a4e5e "Go back to reference for this commentary item")Words in [art. 3(2)(b)(ii)](/id/uksi/1973/173/article/3/2/b/ii "Go to art. 3(2)(b)(ii)") inserted (16.3.1984) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1984 (S.I. 1984/202)](/id/uksi/1984/202 "The Value Added Tax (Terminal Markets) (Amendment) Order 1984"), [arts. 1](/id/uksi/1984/202/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1984 arts. 1"), [**3**](/id/uksi/1984/202/article/3 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1984 3") [F17](#reference-key-4ba9147c122047f6171545d4c9052993 "Go back to reference for this commentary item")Words in [art. 3(2)(b)(ii)](/id/uksi/1973/173/article/3/2/b/ii "Go to art. 3(2)(b)(ii)") inserted (6.4.1981) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1981 (S.I. 1981/338)](/id/uksi/1981/338 "The Value Added Tax (Terminal Markets) (Amendment) Order 1981"), [arts. 1](/id/uksi/1981/338/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 arts. 1"), [**3**](/id/uksi/1981/338/article/3 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1981 3") [F18](#reference-key-62a66c1cd46a91880d6c344eac71a0fb "Go back to reference for this commentary item")Words in [art. 3(2)(b)(ii)](/id/uksi/1973/173/article/3/2/b/ii "Go to art. 3(2)(b)(ii)") substituted (8.4.1975) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1975 (S.I. 1975/385)](/id/uksi/1975/385 "The Value Added Tax (Terminal Markets) (Amendment) Order 1975"), [arts. 1](/id/uksi/1975/385/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 arts. 1"), [**4(a)**](/id/uksi/1975/385/article/4 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 4(a)") [F19](#reference-M_F_9d3454f8-6f70-417a-b109-4a00e2928bda "Go back to reference for this commentary item")Words in [art. 3(2)(b)(ii)](/id/uksi/1973/173/article/3/2/b/ii "Go to art. 3(2)(b)(ii)") substituted (8.4.1975) by [The Value Added Tax (Terminal Markets) (Amendment) Order 1975 (S.I. 1975/385)](/id/uksi/1975/385 "The Value Added Tax (Terminal Markets) (Amendment) Order 1975"), [arts. 1](/id/uksi/1975/385/article/1 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 arts. 1"), [**4(b)**](/id/uksi/1975/385/article/4 "Go to The Value Added Tax (Terminal Markets) (Amendment) Order 1975 4(b)") Commencement Information I3[Art. 3](/id/uksi/1973/173/article/3 "Go to Art. 3") in force at 1.4.1973, see [**art. 1**](/id/uksi/1973/173/article/1 "Go to art. 1") \[[F20](#commentary-key-7a9dde3fd0b1e0a680c7caf10dc18a5c "View the commentary text for this item")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.U.K. Textual Amendments [F20](#reference-key-7a9dde3fd0b1e0a680c7caf10dc18a5c "Go back to reference for this commentary item")[Arts. 4-7](/id/uksi/1973/173/article/4 "Go to Arts. 4-7") added (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**8**](/id/uksi/1999/3117/article/8 "Go to The Value Added Tax (Terminal Markets) Order 1999 8")

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.U.K. Textual Amendments [F20](#reference-key-7a9dde3fd0b1e0a680c7caf10dc18a5c "Go back to reference for this commentary item")[Arts. 4-7](/id/uksi/1973/173/article/4 "Go to Arts. 4-7") added (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**8**](/id/uksi/1999/3117/article/8 "Go to The Value Added Tax (Terminal Markets) Order 1999 8")

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 \[[F21](#commentary-key-54b05ad67c70851d19ef469faf606e95 "View the commentary text for this item")or under Part 8 of Schedule 9ZA\] to the Act solely by virtue of that supply or acquisition, paragraphs 5 to 8 of Schedule 1 or \[[F22](#commentary-key-535168d59f7d1a392b64feaeeaf83b31 "View the commentary text for this item")paragraph 40 of Schedule 9ZA\] to the Act (notification of liability and registration) shall not apply.U.K. Textual Amendments [F20](#reference-key-7a9dde3fd0b1e0a680c7caf10dc18a5c "Go back to reference for this commentary item")[Arts. 4-7](/id/uksi/1973/173/article/4 "Go to Arts. 4-7") added (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**8**](/id/uksi/1999/3117/article/8 "Go to The Value Added Tax (Terminal Markets) Order 1999 8") [F21](#reference-key-54b05ad67c70851d19ef469faf606e95 "Go back to reference for this commentary item")Words in [art. 6](/id/uksi/1973/173/article/6 "Go to art. 6") substituted (1.8.2021) by [The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715)](/id/uksi/2021/715 "The Value Added Tax (Amendment) (EU Exit) Regulations 2021"), [regs. 1](/id/uksi/2021/715/regulation/1 "Go to The Value Added Tax (Amendment) (EU Exit) Regulations 2021 regs. 1"), [**6(a)**](/id/uksi/2021/715/regulation/6/a "Go to The Value Added Tax (Amendment) (EU Exit) Regulations 2021 6(a)") [F22](#reference-key-535168d59f7d1a392b64feaeeaf83b31 "Go back to reference for this commentary item")Words in [art. 6](/id/uksi/1973/173/article/6 "Go to art. 6") substituted (1.8.2021) by [The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715)](/id/uksi/2021/715 "The Value Added Tax (Amendment) (EU Exit) Regulations 2021"), [regs. 1](/id/uksi/2021/715/regulation/1 "Go to The Value Added Tax (Amendment) (EU Exit) Regulations 2021 regs. 1"), [**6(b)**](/id/uksi/2021/715/regulation/6/b "Go to The Value Added Tax (Amendment) (EU Exit) Regulations 2021 6(b)")

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.\]U.K. Textual Amendments [F20](#reference-key-7a9dde3fd0b1e0a680c7caf10dc18a5c "Go back to reference for this commentary item")[Arts. 4-7](/id/uksi/1973/173/article/4 "Go to Arts. 4-7") added (1.1.2000) by [The Value Added Tax (Terminal Markets) Order 1999 (S.I. 1999/3117)](/id/uksi/1999/3117 "The Value Added Tax (Terminal Markets) Order 1999"), [arts. 1](/id/uksi/1999/3117/article/1 "Go to The Value Added Tax (Terminal Markets) Order 1999 arts. 1"), [**8**](/id/uksi/1999/3117/article/8 "Go to The Value Added Tax (Terminal Markets) Order 1999 8") Hugh Rossi V.H. Goodhew Two of the Lords Commissioners of Her Majesty's Treasury ## EXPLANATORY NOTE This Order zero-rates certain supplies of goods and services in the course of dealings on the terminal markets listed in Article 2(2) of the Order, which involve goods ordinarily dealt with on the market. Supplies which are zero-rated are futures transactions (including options) not resulting in a delivery of goods, provided they are supplies by or to a member of one of the markets; and sales of physical goods between members of one market subject to certain conditions laid down in Article 3(2)(b). The Order also zero-rates the services of any market member acting as a broker in connection with any of these supplies. - Previous - Next [Back to top](#top) ## Options/Help ### Print Options - #### PrintThe Whole Instrument - [PDF The Whole Instrument](/uksi/1973/173/data.pdf) - [Web page The Whole Instrument](/uksi/1973/173/data.xht?view=snippet&wrap=true) [](#) ### Legislation is available in different versions: **Latest Available (revised):**The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area. **Original (As Enacted or Made):** The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text. [](#) ### See additional information alongside the content **Geographical Extent:** Indicates the geographical area that this provision applies to. 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