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hedgefunded

Simple Question About Buying Gold.

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Hi all.

If I buy some gold from Bullionvault, say £10k, do I EVER have to tell the government about it on tax returns etc?

(The gold, as I understand it doesn't have to be in this country)

What about if I then sell it at a profit? Is that income to tell the taxman about?

Thanks.

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Hi all.

If I buy some gold from Bullionvault, say £10k, do I EVER have to tell the government about it on tax returns etc?

(The gold, as I understand it doesn't have to be in this country)

What about if I then sell it at a profit? Is that income to tell the taxman about?

Thanks.

Just buy physical from dealers or ebay in small amounts. Then they can't ever find out about it if you don't tell anyone. The standard advice on here to explain where the money went generally seems to be to tell them you spent it on drugs and hookers, for some unfathomable reason.

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OK thanks.

Presumably one then needs a safety deposit box at a bank, or better still a safe at home?

Can I assume from your answer that buying gold via Bullionvault isn't such a good idea?

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OK thanks.

Presumably one then needs a safety deposit box at a bank, or better still a safe at home?

Can I assume from your answer that buying gold via Bullionvault isn't such a good idea?

Box at the bank!!! I'm surprised you haven't had people on here screaming at you about such a stupid idea. Read the gold forum about how governments have a tendency for seizing them.

You'd need somewhere safe to keep it but gold is very easy to hide - you can fit several thousand pounds worth in not much more than a match box. You cold bury it in the garden, hide it in furniture and the like if you wanted. Anyway, small safes are only £100 or so.

Bullion vault has a it's place and I suppose it's a very good idea if you want to invest large amounts and have no real reason to conceal it. Still like my gold coins though.

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The standard advice on here to explain where the money went generally seems to be to tell them you spent it on drugs and hookers, for some unfathomable reason.

:lol: You've been reading my old posts.

Drugs and hookers can soak up large amounts of cash without leaving any receipts.* I would imagine gambling would have the same effect? ("My entire FTB deposit on red please".)

Box at the bank!!! I'm surprised you haven't had people on here screaming at you about such a stupid idea.

I won't be screaming but it's nothing like as private or secure as you might think. Not these days anyhoo.

* So I would imagine.

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OK then, I'll hid it in my shed in a baked bean can marked 'old coins'. That'll fool 'em.

Seriously though, whilst I quite like the idea of owning some of the real stuff, it must be very difficult to know that what you are buying is genuine. Other than eBay, where can I buy gold anonymously from a reputable dealer?

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OK then, I'll hid it in my shed in a baked bean can marked 'old coins'. That'll fool 'em.

Seriously though, whilst I quite like the idea of owning some of the real stuff, it must be very difficult to know that what you are buying is genuine. Other than eBay, where can I buy gold anonymously from a reputable dealer?

It isn't that difficult to identify genuine gold coins once you've see a few known authentic examples. Gold coins are very hard to fake well because of golds particular properties. If a coin is the right diameter, thickness and weight then there's very little else it can actually be. It's not a case of simply casting them in lead and plating them because gold is significantly denser than lead so you would either get a coin which is underweight or too large.

Gold also rings with a very particular sound which others here have said is basically impossible to fake.

Gold in small quantities is fairly easy to buy anonymously at a dealer because as long as you are buying less then 5K worth then the dealer doesn't have to take your details. Anyway, even if it can be proved that you bought it there isn't any evidence you still have it. If they can't find it they can't take it. Alternatively. try a pawn shop as there are sometimes some decent deals to be had by buying tacky chav jewelery with coins in and weighing in the horrid 9k rubbish for scrap.

Read through some of the threads on the Gold forum and all your questions will be answered, I'm sure.

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The buyer doesn't need to inform them for purchasing.

3.1 When and how do I have to notify?

Legal force

The first time that you make an exempt supply of investment gold which exceeds £5,000, or when the value of your supplies of exempt investment gold to any one customer is over £10,000 in any 12 month period, you must notify us within 28 days at the following address:

The Gold Team

HM Customs and Excise

Thomas Paine House

Angel Square

Torrens Street

LONDON EC1V 1TA

7.1 Records to be kept for gold delivered or taken away by your customer

Legal force

If you sell exempt investment gold which is delivered or available to be taken away by your customer, you must keep the following information as part of your business records. These requirements do not apply if you make supplies described within paragraphs 7.2, 7.3(a), 7.6 and 8.2.

7.4 Internet and mail order sales

Legal force

If you sell investment gold over the internet or by mail order and you fulfil the conditions at (a) or (B) below, you may, instead of keeping the customer record set out at paragraph 7.1(B), keep and maintain the following record:

(a) if your supply is paid for by credit card and the delivery address is also the card holder’s address, you must record the name of your customer, the credit card issuer and the card number; or

(B) if your supply is paid for by cheque, you must record the name of your customer, the name of the bank and the account number of your customer.

You must also keep proof of despatch of the investment gold to your customer’s address.

http://customs.hmrc.gov.uk/channelsPortalW...cument#P83_4184

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