1) The first Supply of a Qualifying Metal by its Producer or Refiner is zero-rated.
2) Any grant, assignment or surrender of a right, interest or claim with respect to any Supply of a Qualifying Metal for investment is zero-rated if such right, interest or claim is considered a transfer or to grant a right to the possession of the Goods.
3) For the purposes of these Regulations, the expressions defined below in this paragraph shall have the meanings given to them below.
a) A Qualifying Metal is:
gold,
silver,
platinum.
b) A Qualifying Metal is considered to be supplied for investment when the metal is at a purity level of not less than ninety-nine percent (99%) and tradeable on the global bullion market.
c) Producer means any person who carries on the mining and extraction of a Qualifying Metal.
d) Refiner means any person who carries on the refining by any process of a commodity into a Qualifying Metal.
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