33. Investment gold — waiver of exemption

(1) A person who produces investment gold or transforms any gold into investment gold and who, in accordance with section 90(3) of the Act, wishes to waive his or her right to exemption from tax on supplies of investment gold to another person who is engaged in the supply of goods and services in the course or furtherance of business, is required to apply to the Commissioners for authorisation to do so and to furnish them with the following particulars:

(a) his or her name, address and registration number (if any), and

(b) a declaration stating that he or she produces investment gold or transforms any gold into investment gold and that he or she supplies or intends to supply investment gold to other persons engaged in the supply of goods and services in the course or furtherance of business.

(2) Where they are satisfied that it is appropriate to do so for the proper administration of the tax, the Commissioners shall authorise the applicant to waive, in accordance with section 90(3) of the Act, his or her right to exemption from tax on a supply of investment gold.

(3) A person who is authorised in accordance with paragraph (2) in respect of a supply of investment gold to another person shall, in relation to that supply, issue to that other person an invoice showing the following particulars:

(a) the date of issue of the invoice,

(b) a sequential number, based on one or more series, which uniquely identifies the invoice,

(c) his or her full name, address and registration number,

(d) the full name, address and registration number of the person to whom the investment gold is being supplied,

(e) in the case of a supply of investment gold to—

(i) a person in another Member State, that person’s value-added tax identification number (if any) in that Member State,

(ii) a person outside the Community, an indication of the type of business being carried on by that person,

(f) a description of the investment gold including, where applicable, form, weight, quantity, purity and any other distinguishing features,

(g) the date of supply of the investment gold,

(h) the total consideration, exclusive of tax, receivable in respect of the supply,

(i) the rate or rates of tax and the amount of tax at each rate chargeable in respect of the supply of the investment gold, and

(j) an endorsement stating “The right to exemption from tax has been waived in respect of this supply and the person to whom the investment gold is being supplied is liable for the tax chargeable on the supply in accordance with section 90(5) of the Value-Added Tax Consolidation Act 2010” or words to that effect.

(4) Where a person is authorised to waive, in accordance with paragraph (2), his or her right to exemption from tax on supplies of investment gold, an intermediary who supplies services in respect of those supplies of investment gold, and who wishes to waive his or her right to exemption from tax in respect of those services, is required to apply to the Commissioners for authorisation to do so and to furnish them with the following particulars:

(a) his or her name, address and registration number (if any), and

(b) a declaration stating that he or she supplies services in respect of the supply of investment gold.

(5) Where they are satisfied that it is appropriate to do so for the proper administration of the tax, the Commissioners shall authorise the intermediary referred to in paragraph (4) to waive, in accordance with section 90(4) of the Act, his or her right to exemption from tax on the supply of a service in respect of the supply of investment gold for which the supplier of such investment gold has waived his or her right to exemption from tax in accordance with section 90(3) of the Act.

(6) An intermediary who is authorised in accordance with paragraph (5) in respect of the supply of investment gold to another person shall, in relation to that supply, issue to that other person an invoice showing the following particulars:

(a) the date of issue of the invoice,

(b) a sequential number, based on one or more series, which uniquely identifies the invoice,

(c) his or her full name, address and registration number,

(d) the full name, address and registration number (if any) of the person on whose name and account he or she is acting in respect of the supply of investment gold and, where that person is in another Member State, that person’s value-added tax identification number (if any) in that Member State,

(e) a description of the services being supplied in respect of the supply of investment gold,

(f) the date of the supply of the services,

(g) the total consideration, exclusive of tax, receivable in respect of the supply of the services,

(h) the rate of tax and the amount of tax chargeable in respect of the supply of the services, and

(i) an endorsement stating “The right to exemption from tax has been waived in respect of this supply” or words to that effect.

(7) Where the right to exemption from tax has been waived in respect of a supply of investment gold or the supply of services relating to the supply of investment gold, that waiver shall be irrevocable for that supply.