GST on gold and silver bullion (FOI)

Request

A

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).

B

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)

Response

A

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.

B

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)

(Rounded to nearest £0.1k)

JCIS does not keep statistics distinguishing investment-grade bullion.