Article 36 - Supplies of Investment Metals

The first Supply of a Qualifying Metal by its Producer or Refiner is zero-rated.

Any grant, assignment or surrender of a right, interest or claim with respect to any Supply of a Qualifying Metal for investment is zero-rated if such right, interest or claim is considered a transfer or to grant a right to the possession of the Goods.

For the purposes of these Regulations, the expressions defined below in this Paragraph shall have the meanings given to them below.

1. A Qualifying Metal is:

   1. gold,

   2. silver,

   3. platinum.

2. A Qualifying Metal is considered to be supplied for investment when the metal is at a purity level of not less than 99% and tradeable on the global bullion market.

3. Producer means any person who carries on the mining and extraction of a Qualifying Metal.

4. Refiner means any person who carries on the refining by any process of a commodity into a Qualifying Metal.