Section 55(1)

Where any person makes a supply of gold to another person and that supply is a taxable supply but not a zero rated supply, the supply shall be treated for purposes of Schedules 1 and 1A — but nothing in paragraph (b) above shall require any supply to be disregarded for the purposes of Schedule 1 on the grounds that it is a supply of capital assets of that other person’s business. as a taxable supply of that other person (as well as a taxable supply of the person who makes it); and in so far as that other person is supplied in connection with the carrying on by him of any business, as a supply made by him in the course or furtherance of that business;

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Source: legislation.gov.uk · retrieved 2026-07-28