Value Added Tax Act 1994 section 69A

Breach of record-keeping requirements etc. in relation to transactions in gold

Section 69A imposes penalties on persons who fail to keep records or provide information relating to transactions in gold, as required by regulations under the Finance Act 1999.

• A person who fails to comply with gold transaction record-keeping or information requirements faces a penalty of up to 17.5% of the value of the transactions to which the failure relates.
• HMRC determine the transaction value to the best of their judgement and must assess the penalty within two years of obtaining sufficient evidence to justify the assessment.
• No penalty arises if the person can demonstrate a reasonable excuse for the failure to HMRC or, on appeal, to a tribunal.
• No penalty applies under this section if the same conduct has already led to a penalty under section 60 (dishonest evasion), a penalty for deliberate inaccuracy under Schedule 24 to the Finance Act 2007, or a criminal conviction.