GST on gold and silver bullion (FOI)
GST on gold and silver bullion (FOI)Produced by the Freedom of Information office
Authored by Government of Jersey and published on 07 August 2019.
Prepared internally, no external costs.
What is the public liability if the Royal Court should uphold the law and conclude that GST is not chargeable on money? (Money being defined in law as Gold and Silver, I am not referring to paper currencies or other forms of government issued debt which are also considered Tier 1 assets under the
Basel iii accord of the Bank of International Settlements).
Broken down by month, since GST was introduced in 2008, how much GST has been charged on money in the form of gold or silver investment bullion or coins. Please divide the numbers as follows:
how much GST has been charged on British Legal Tender gold coins
how much GST has been charged on British Legal Tender silver coins
how much GST has been charged on Foreign Gold Coins
how much GST has been charged on Foreign Silver Coins
how much GST has been charged on Investment Grade Gold Bullion (as defined as suitable for inclusion in a Self Invested Pension Plan under the Income Tax Law)
how much GST has been charged on Investment Grade Silver Bullion (as defined as suitable for inclusion in a Self Invested Pension Plan under the Income Tax Law)
The Comptroller’s view of the Goods and Services Tax (Jersey) Law 2007 is that all gold and silver bullion and coins imported into Jersey is liable to GST. Revenue Jersey is not aware that this interpretation has ever been challenged, or is to be challenged, through the Court.
The Jersey Customs and Immigration Service (JCIS) do not routinely hold information on a monthly basis. In addition they only keep GST data for six years. The table below therefore reflects annual figures from 2013 only.
Table: Import GST charged on gold and silver investment coins and bullion (2013 to 2019)
2019 (to date
British Silver Coins
|British Gold Coins||£6.2||£0.0||£0||£1.7||£0.5||£6.7||£0.4|
|Foreign Silver Coins||£0||£2.0||£1.0||£0.0||£0.0||£0.0||£1.5|
|Foreign Gold Coins||£0.0||£0.0||£0.0||£0.0||£0.1||£0.4||£0.5|
(Rounded to nearest £0.1k)
JCIS does not keep statistics distinguishing investment-grade bullion.