{"id":10752,"date":"2022-04-15T10:08:24","date_gmt":"2022-04-15T10:08:24","guid":{"rendered":"http:\/\/legalblog.ie\/?p=10752"},"modified":"2024-03-31T18:22:13","modified_gmt":"2024-03-31T18:22:13","slug":"margin-schemes","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/margin-schemes\/","title":{"rendered":"Margin Schemes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#The_Schemes\" title=\"The Schemes\">The Schemes<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#Margin_Scheme_Goods\" title=\"Margin Scheme Goods\">Margin Scheme Goods<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#Operation_of_Scheme\" title=\"Operation of Scheme\">Operation of Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#Cross_Border\" title=\"Cross Border\">Cross Border<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#Auctioned_Goods\" title=\"Auctioned Goods\">Auctioned Goods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/legalblog.ie\/margin-schemes\/#Retail_and_Travel\" title=\"Retail and Travel\">Retail and Travel<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/legalblog.ie\/margin-schemes\/2\/#VALUE-ADDED_TAX_CONSOLIDATION_ACT\" title=\"VALUE-ADDED TAX CONSOLIDATION ACT\">VALUE-ADDED TAX CONSOLIDATION ACT<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/legalblog.ie\/margin-schemes\/2\/#Margin_scheme_%E2%80%93_auctioneers\" title=\"Margin scheme &#8211; auctioneers.\">Margin scheme &#8211; auctioneers.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/legalblog.ie\/margin-schemes\/2\/#Investment_gold\" title=\"Investment gold.\">Investment gold.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"The_Schemes\"><\/span>The Schemes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In most cases goods sold by traders are newly manufactured or made. Where second-hand goods are sold back to businesses by non-VAT registered persons (usually private persons) special provisions apply to reflect the fact businesses are not able to recover VAT on those purchases.<\/p>\n<p>Where the margin scheme applies VAT applies to the difference between the purchase and sale price i.e. the margin. The margin includes VAT. The scheme is optional.<\/p>\n<p>Margin schemes and equivalent provisions apply so that VAT does not apply a second time when goods are sold back to trade and resold again.Without the scheme VAT would have to be charged on the full price without the benefit of a deduction on the purchase price, because the purchase may be from a private \/ non VAT registered person or other person who could not recover VAT (e.g. because of the limitation on VAT reclaims (e.g. used cars) .<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Margin_Scheme_Goods\"><\/span>Margin Scheme Goods<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The principal category of margin scheme goods are second-hand goods. Second-hand goods are movable goods which are suitable for further use either as they are or after repair. They include second-hand cars. Works of art, collectors items, antiques, precious metals and precious stones are not defined as second-hand goods but are also margin scheme goods.<\/p>\n<p>Margin scheme goods are those supplied to a VAT registered business (and certain non-VAT registered businesses) by a person\/entity not entitled to deduct VAT in relation to the purchase, importation or acquisition from another EU state. The person\/ entity concerned is generally not registered for VAT such as a private person.<\/p>\n<p>Where the person or entity which acquired the goods is VAT registered (but not entitled to deduction) they must not have acquired them from a business which applied the margin scheme when they purchased or acquired under the scheme<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Operation_of_Scheme\"><\/span>Operation of Scheme<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The profit margin on which VAT is based is deemed to be the sale price inclusive of VAT less the purchase price for those goods. Where there is a loss it is deemed deemed to be nil.<\/p>\n<p>The scheme is optional. A dealer may opt to include most works of art, collectors items and antiques. Conditions apply to the exercise of the option. Individual transactions may be excluded from the option subject to conditions.<\/p>\n<p>There is no right to deduct VAT in relation to goods subject to the margin scheme.<\/p>\n<p>Standard rate (23%) VAT rate applies to certain categories of goods under the scheme even though a lower rate would apply if they were supplied as new goods. A standard VAT invoice must not be issued. VAT must not be shown separately. It must indicate that it is a margin scheme sale. This is not a VAT invoice. The purchaser cannot reclaim VAT on the purchase.<\/p>\n<p>Where a VAT registered business acquires goods which were sold under the margin scheme and resells them, standard VAT applies even though the goods may be in a category for which input VAT could not have been recovered (principally cars). This does not apply where the goods were acquired other than as stock in trade of a business or by a driving school or where the goods were used for a VAT exempt business<\/p>\n<p>In some cases, where goods are worth less than \u20ac635 it is not necessary to individually track the purchase and sale price. The dealer can opt to use a scheme by which the aggregate margin for all goods in the period can be used to calculate the value added tax.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cross_Border\"><\/span>Cross Border<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The margin scheme does not apply to imported goods, save in limited circumstances in which it may be extended to art collectors items and antiques. Any export outside the EU is subject to zero rate VAT.<\/p>\n<p>An intra-Community supply to a VAT registered business in another EU state is normally zero rated. The purchaser would self account for VAT as an intra-EU acquisition. However this position does not apply to margin scheme goods. The margin scheme applies and Irish VAT is charged on the margin.<\/p>\n<p>Zero rating applies only to margin scheme goods which would be zero rated if supplied in the State. The VAT registered purchaser should itself be able to use its domestic margin scheme.Sales of margin scheme goods B2C in another EU state may be subject to the domestic margin scheme in that state.<\/p>\n<p>The Finance Act 2015 provides that the margin scheme for secondhand goods may not be applied to cross-border supplies of new means of transport within the European Union.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Auctioned_Goods\"><\/span>Auctioned Goods<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There is a margin scheme in relation to the sale of goods by public auction. An auctioneer in this context is a person who sells movable goods in the course of business on behalf of another by auction in return for a commission. The auctioneer&#8217;s margin is the difference between the total amount including taxes commissions and costs payable by the purchaser and the amount payable to the owner of the goods.<\/p>\n<p>Auction scheme goods are works of art, collectors items, antiques or second-hand goods sold at auction where the principal\/owner of the goods is not entitled to deduct tax in respect of his purchase, import or intra-EU acquisition. There are conditions and restrictions. It is not available to certain categories of principals \/goods owners. The margin is inclusive of VAT and VAT is calculated accordingly.<\/p>\n<p>The auctioneer must issue special invoices to the purchaser and the principal\/seller in respect of its commission. They are not VAT invoices and VAT deduction is not available to the buyer.<\/p>\n<p>Where the principal is VAT registered the sale may be subject to VAT, in which event a VAT invoice must issue. Similar provisions apply in relation to imports and intra- EU sales and purchases as apply in respect of second-hand goods.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Retail_and_Travel\"><\/span>Retail and Travel<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There is a special scheme for retailers who make supplies at various rates. Where there is an electronic point of sale systems, VAT can easily be allocated. However without such a system,(small retailers) the calculation would be impractical. This scheme allows an apportionment of VAT on the basis of the percentage turnover liable at the relevant rates. This removes the need to identify the VAT rate on each individual item.<\/p>\n<p>The supply of goods by a hire purchase company is not subject to VAT. This is because financial services are exempt. VAT on the supply of leasing transactions are a supply subject to VAT.<\/p>\n<p>There is a margin scheme for travel agents and tour operators. VAT is charged on the difference between the sales price and the price of services purchased for the benefit of the customer.<\/p>\n<p><!--nextpage--><\/p>\n<h2>VALUE-ADDED TAX CONSOLIDATION ACT<\/h2>\n<p>89.<\/p>\n<h4>Margin scheme &#8211; auctioneers.<\/h4>\n<p>(1)In this section &#8211;<\/p>\n<p>&#8220;auctioneer&#8221; means an accountable person who, in the course or furtherance of business, acting on behalf of another person pursuant to a contract under which commission is payable on purchase or sale, offers tangible movable goods for sale by public auction with a view to handing them over to the highest bidder;<\/p>\n<p>&#8220;auctioneer&#8217;s margin&#8221; means an amount which is equal to the difference between the total amount, including any taxes, commissions, costs and charges whatsoever, payable by the purchaser to the auctioneer in respect of the auction of auction scheme goods and the amount payable by the auctioneer to the principal in respect of the supply of those goods and shall be deemed to be inclusive of tax;<\/p>\n<p>&#8220;auction scheme&#8221; means the special arrangements for the taxation of supplies of auction scheme goods;<\/p>\n<p>&#8220;auction scheme goods&#8221; means any works of art, collectors&#8217; items, antiques or second-hand goods sold by an auctioneer at a public auction while acting on behalf of a principal who is &#8211;<br \/>\n(a)a person who was not entitled to deduct, under Chapter 1 of Part 8, any tax in respect of that person&#8217;s purchase, intra-Community acquisition or importation of those goods where that person is neither &#8211;<br \/>\n(i)a person referred to in paragraph (d), nor<br \/>\n(ii)an accountable person who acquired those goods from &#8211;<br \/>\n(I)an auctioneer who applied the auction scheme to the supply of those goods to that accountable person, or<br \/>\n(II)a taxable dealer who applied the margin scheme to the supply of those goods to that accountable person<br \/>\n(b)an insurer to whom section 20(3) applies &#8211;<br \/>\n(i)who took possession of those goods in connection with the settlement of a claim under a policy of insurance, and<br \/>\n(ii)whose disposal of the goods is deemed not to be a supply of the goods as provided by section 20(3)<br \/>\n(c)a person in another Member State who was not entitled to deduct, under the provisions implementing Articles 167, 173, 176 and 177 of the VAT Directive, in that Member State, any value-added tax referred to in that Directive in respect of that person&#8217;s purchase, intra-Community acquisition or importation of those goods, or<br \/>\n(d)a taxable dealer who applied the margin scheme to the supply of those goods or applied the provisions implementing Articles 4 and 35, first subparagraph of Article 139(3) and Articles 311 to 325 and 333 to 340 of the VAT Directive, in another Member State to the supply of those goods;<\/p>\n<p>&#8220;principal&#8221; means the person on whose behalf an auctioneer auctions goods;<\/p>\n<p>&#8220;purchaser&#8221; means the person to whom an auctioneer supplies auction scheme goods.<\/p>\n<p>(2)Subject to and in accordance with this section, an auctioneer shall apply the auction scheme to any supply of auction scheme goods.<\/p>\n<p>(3)The amount on which tax is chargeable in accordance with section 3(a) or (c) on a supply by an auctioneer of auction scheme goods is, notwithstanding Chapter 1 of Part 5, the auctioneer&#8217;s margin less the amount of tax included in that margin.<\/p>\n<p>(4)Where auction scheme goods are auctioned, the auctioneer shall issue, subject to such conditions (if any) as may be specified in regulations, to both the principal and the purchaser, invoices or documents in lieu thereof setting out the relevant details in respect of the supply of the auction scheme goods.<\/p>\n<p>(5)Notwithstanding Chapter 2 of Part 9, an auctioneer shall not, in relation to any supply to which the auction scheme has been applied, indicate separately the amount of tax chargeable in respect of the supply on any invoice or other document in lieu thereof issued in accordance with that Chapter.<\/p>\n<p>(6)Where auction scheme goods are auctioned by an auctioneer on behalf of a principal who is an accountable person &#8211;<\/p>\n<p>(a)the invoice or document in lieu thereof issued to the principal in accordance with subsection (4) shall be deemed to be an invoice for the purposes of Chapter 2 of Part 9, and<\/p>\n<p>(b)that principal shall be deemed to have issued such invoice.<\/p>\n<p>(7)Where the auction scheme is applied to a supply of goods dispatched or transported from the State to a person registered for value-added tax in another Member State, then, notwithstanding paragraph 1(1) of Schedule 2, section 46(1)(b) shall not apply unless such goods are of a kind specified elsewhere in that Schedule.<\/p>\n<p>(8)Notwithstanding section 30, where the auction scheme is applied to a supply of goods dispatched or transported, the place of supply of those goods shall be deemed to be the place where the dispatch or transportation begins.<\/p>\n<p>(9)Where an auctioneer supplies auction scheme goods by public auction, the principal shall be deemed to have made a supply of the auction scheme goods in question to the auctioneer when that auctioneer sells those goods at a public auction.<\/p>\n<p>(10)Notwithstanding paragraph 12 of Schedule 1, where an accountable person acquires goods to which the auction scheme has been applied and the person subsequently supplies those goods, that paragraph shall not apply to that supply unless the goods consist of &#8211;<\/p>\n<p>(a)motor vehicles within the meaning of section 60(1) which that person acquired other than &#8211;<\/p>\n<p>(i)as stock-in-trade,<\/p>\n<p>(ii)for the purposes of a business which consists in whole or in part of the hiring of motor vehicles, or<\/p>\n<p>(iii)for use, in a driving school business, for giving driving instruction,<\/p>\n<p>or<\/p>\n<p>(b)goods used by that person solely in the course of an exempted activity.<\/p>\n<p>90.<\/p>\n<h4>Investment gold.<\/h4>\n<p>(1)<\/p>\n<p>(a)In this section &#8211;<\/p>\n<p>&#8220;intermediary&#8221; means a person who intervenes for another person in a supply of investment gold while acting in the name and for the account of that other person;<\/p>\n<p>&#8220;investment gold&#8221; means &#8211;<br \/>\n(i)gold in the form of &#8211;<br \/>\n(I)a bar, or<br \/>\n(II)a wafer<br \/>\nof a weight accepted by a bullion market and of a purity equal to or greater than 995 parts per 1,000 parts, and<br \/>\n(ii)gold coins which &#8211;<br \/>\n(I)are of a purity equal to or greater than 900 parts per 1,000 parts<br \/>\n(II)are minted after 1800<br \/>\n(III)are or have been legal tender in their country of origin, and<br \/>\n(IV)are normally sold at a price which does not exceed the open market value of the gold contained in the coins by more than 80 per cent.<\/p>\n<p>(b)For the purposes of the definition of &#8220;investment gold&#8221; in paragraph (a), gold coins which are listed in the &#8220;C&#8221; series of the Official Journal of the European Communities as fulfilling the criteria referred to in that definition in respect of gold coins shall be deemed to fulfil those criteria for the whole year for which the list is published.<\/p>\n<p>(2)This section shall apply to &#8211;<\/p>\n<p>(a)investment gold, including investment gold which is represented by securities or represented by certificates for allocated or unallocated gold or traded on gold accounts and including, in particular, gold loans and swaps, involving a right of ownership or a claim in respect of investment gold, and<\/p>\n<p>(b)transactions concerning investment gold involving futures and forward contracts leading to a transfer of a right of ownership or a claim in respect of investment gold.<\/p>\n<p>(3)Notwithstanding section 52(1), a person who produces investment gold or transforms any gold into investment gold may, in accordance with conditions set out in regulations, waive the person&#8217;s right to exemption from tax on a supply of investment gold to another person who is engaged in the supply of goods and services in the course or furtherance of business.<\/p>\n<p>(4)Where a person waives, in accordance with subsection (3), the person&#8217;s right to exemption from tax in respect of a supply of investment gold, an intermediary who supplies services in respect of that supply of investment gold may, in accordance with conditions set out in regulations, waive the intermediary&#8217;s right to exemption from tax in respect of those services.<\/p>\n<p>(5)<\/p>\n<p>(a)Where a person waives, in accordance with subsection (3), the person&#8217;s right to exemption from tax in respect of a supply of investment gold, then, for the purposes of this Act &#8211;<\/p>\n<p>(i)the person to whom the supply of investment gold is made shall, in relation thereto &#8211;<\/p>\n<p>(I)be an accountable person, and<\/p>\n<p>(II)be liable to pay the tax chargeable on that supply as if such accountable person had made that supply of investment gold for consideration in the course or furtherance of business,<\/p>\n<p>and<\/p>\n<p>(ii)the person who waived the right to exemption in respect of that supply shall not be liable to pay that tax.<\/p>\n<p>(b)Where a person is liable for tax in accordance with paragraph (a) in respect of a supply of investment gold, the person shall, notwithstanding Chapter 1 of Part 8, be entitled, in computing the amount of tax payable by that person in respect of the taxable period in which that liability to tax arises, to deduct the tax for which he or she is liable on that supply if his or her subsequent supply of that investment gold is exempt from tax.<\/p>\n<p>(6)<\/p>\n<p>(a)An accountable person may, in computing the amount of tax payable by the accountable person in respect of any taxable period and notwithstanding Chapter 1 of Part 8, deduct &#8211;<\/p>\n<p>(i)the tax charged to the accountable person during that period by other accountable persons by means of invoices, prepared in the manner prescribed by regulations, in respect of supplies of gold to such person,<\/p>\n<p>(ii)the tax chargeable during that period, being tax for which the accountable person is liable in respect of intra-Community acquisitions of gold, and<\/p>\n<p>(iii)the tax paid by the accountable person, or deferred, as established from the relevant customs documents kept by him or her in accordance with section 84(3) in respect of gold imported by him or her in that period,<\/p>\n<p>where that gold is subsequently transformed into investment gold and the accountable person&#8217;s subsequent supply of that investment gold is exempt from tax.<\/p>\n<p>(b)A person may claim, in accordance with regulations, a refund of &#8211;<\/p>\n<p>(i)the tax charged to the person on the purchase of gold (other than investment gold) by him or her,<\/p>\n<p>(ii)the tax chargeable to the person on the intra-Community acquisition of gold (other than investment gold) by him or her, and<\/p>\n<p>(iii)the tax paid or deferred on the importation by the person of gold (other than investment gold),<\/p>\n<p>where that gold is subsequently transformed into investment gold and that person&#8217;s subsequent supply of that investment gold is exempt from tax.<\/p>\n<p>(7)<\/p>\n<p>(a)An accountable person may, in computing the amount of tax payable by the accountable person in respect of a taxable period and notwithstanding Chapter 1 of Part 8, deduct the tax charged to that accountable person during that period by other accountable persons by means of invoices, prepared in the manner prescribed by regulations, in respect of the supply to the first-mentioned accountable person of services consisting of a change of form, weight or purity of gold where that accountable person&#8217;s subsequent supply of that gold is exempt from tax.<\/p>\n<p>(b)A person may claim, in accordance with regulations, a refund of the tax charged to the person in respect of the supply to him or her of services consisting of a change of form, weight or purity of gold where his or her subsequent supply of that gold is exempt from tax.<\/p>\n<p>(8)<\/p>\n<p>(a)An accountable person who produces investment gold or transforms any gold into investment gold may, in computing the amount of tax payable by the accountable person in respect of a taxable period and notwithstanding Chapter 1 of Part 8, deduct &#8211;<\/p>\n<p>(i)the tax charged to that accountable person during that period by other accountable persons by means of invoices, prepared in the manner prescribed by regulations, in respect of supplies of goods or services to the first-mentioned accountable person,<\/p>\n<p>(ii)the tax chargeable during that period, being tax for which that accountable person is liable in respect of intra-Community acquisitions of goods, and<\/p>\n<p>(iii)the tax paid by that accountable person, or deferred, as established from the relevant customs documents kept by him or her in accordance with section 84(3) in respect of goods imported by him or her in that period,<\/p>\n<p>where those goods or services are linked to the production or transformation of that gold and that accountable person&#8217;s subsequent supply of that investment gold is exempt from tax.<\/p>\n<p>(b)A person who produces investment gold or transforms any gold into investment gold may claim, in accordance with regulations, a refund of &#8211;<\/p>\n<p>(i)the tax charged to the person on the purchase by him or her of goods or services,<\/p>\n<p>(ii)the tax chargeable to the person on the intra-Community acquisition of goods by him or her, and<\/p>\n<p>(iii)the tax paid or deferred by the person on the importation of goods by him or her,<\/p>\n<p>where those goods or services are linked to the production or transformation of that gold and that person&#8217;s subsequent supply of that gold is exempt from tax.<\/p>\n<p>(9)Every trader in investment gold shall &#8211;<\/p>\n<p>(a)establish the identity of any person to whom that trader supplies investment gold when the total consideration which the trader is entitled to receive in respect of such supply, or a series of such supplies which are or appear to be linked, amounts to at least \u20ac15,000, and<\/p>\n<p>(b)retain a copy of all documents used to identify such person to whom the investment gold is so supplied as if they were records to be kept in accordance with section 85(3).<\/p>\n<p>&nbsp;<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-10752\" data-postid=\"10752\" class=\"themify_builder_content themify_builder_content-10752 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Schemes In most cases goods sold by traders are newly manufactured or made. Where second-hand goods are sold back to businesses by non-VAT registered persons (usually private persons) special provisions apply to reflect the fact businesses are not able to recover VAT on those purchases. Where the margin scheme applies VAT applies to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10752"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=10752"}],"version-history":[{"count":5,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10752\/revisions"}],"predecessor-version":[{"id":34471,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/10752\/revisions\/34471"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=10752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=10752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=10752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}