Commodity transactions are undertaken by a wide range of different people for a number of different reasons. How and why they go about this, and the capacities in which they act, can have material bearing on their ultimate VAT position.

(1) Market members

Market members will generally be involved as brokers but can also, in some cases, be market-makers, dealers, primary producers or manufacturers/end users.

(a) Brokers

How brokers transact their business can depend partly on the rules of the particular exchange concerned and partly on their own circumstances and terms of trade.

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