Our webinar today focused on the position and situation surrounding the Terminal Markets Order (TMO), the role and development strategy for the MOU between
HMRC and both LBMA and LPPM, the role of the EU VAT Directive post-Transition phase, and BREXIT post-Transition phase planning including the requirements
likely to impact upon the OTC Precious Metals Market from 1 January 2021.
Stuart Martin, from Deloitte, provided a very comprehensive history and overview of the importance of the TMO to our market, how it started, what it applies
to, the 2018 EU Commission infraction proceedings against the UK and the subsequent 2020 CJEU judgement. In short, there is no change to current or
historical VAT treatment. Any future changes will be prospective only and would involve extensive market consultation. UK law is unchanged, business
as usual prevails.
On Brexit, Ruth and Ed noted that COVID has made the market and market providers very resilient. Vaults/carriers do not expect any delays for gold and
PGMs (high value), though some delays are possible for silver. Members have prepared risk mitigation strategies. London remains very much open for
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10 December 2020