Loco London / Loco Zurich Sample Clauses

Loco London / Loco Zurich. Metal is described as loco London or Zurich. This means that the metal that is used to settle trades is held in one of these locations – the contract will specify which. For VAT purposes, we do not consider that this alters the VAT analysis. 95% of transactions are in unallocated metal: therefore, because they are treated as services, the location of the underlying metal is not relevant. Transactions in allocated metal in Zurich would, we believe, benefit from the same reliefs as transactions in London.
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