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Additional Vat Payable On Silver Coins Purchased In France, Brought Into The Uk?

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Hi

I'm intending to buy some silver coins and I've read this post, specifically the line "Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. ".

Now my question is if I have silver coins delivered to France (where VAT is lower at 7%) and then bring them back to the UK, will any further VAT be payable or will the fact that VAT has already been paid within Europe take care of this?

Thanks

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Hi

I'm intending to buy some silver coins and I've read this post, specifically the line "Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. ".

Now my question is if I have silver coins delivered to France (where VAT is lower at 7%) and then bring them back to the UK, will any further VAT be payable or will the fact that VAT has already been paid within Europe take care of this?

Thanks

Hmm.

A longer extract from the topic you quoted: "Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. If kept in Switzerland or Channel Islands, then no VAT is payable unless it comes out of their vaults and is brought into the UK."

It seems pretty clear that bringing the metal into the UK requires tax to be payed.

The only method I have heard of for buying silver without paying the full tax is here:

http://www.taxfreegold.co.uk/silver.html

See "Most second-hand goods can be resold under a special scheme whereby the only VAT payable is on the dealers margin, and therefore almost negligible."

Another method that might be worth investigating is buying silver using bullionvault:

http://www.bullionvault.com/help/buying_silver.html

See section headed "VAT sales tax and silver withdrawal"

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Hi

I'm intending to buy some silver coins and I've read this post, specifically the line "Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. ".

Now my question is if I have silver coins delivered to France (where VAT is lower at 7%) and then bring them back to the UK, will any further VAT be payable or will the fact that VAT has already been paid within Europe take care of this?

Thanks

With VAT, once you have paid it in one country there is no more VAT payable (or a refund available) if you take it to a country with another VAT rate.

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With VAT, once you have paid it in one country there is no more VAT payable (or a refund available) if you take it to a country with another VAT rate.

This is my understanding as well regarding personal imports. The Local VAT rate has been paid in an E.U. country, so one passes through the blue boarder control channel. Also silver coins/bullion are not a banned item or restricted item.

From the HM Revenue & Customs page for arriving in the UK:

Tax and duty on goods brought to the UK from the European Union If you are travelling to the UK from the European Union (EU), you can bring in an unlimited amount of most goods for your own use without paying tax or duty, but certain rules apply.

http://www.hmrc.gov.uk/customs/arriving/arrivingeu.htm

Also

HM Revenue & Customs PDF guide for travellers entering the U.K.

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_001734&propertyType=document

Edited by Take Me Back To London!

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This is my understanding as well regarding personal imports. The Local VAT rate has been paid in an E.U. country, so one passes through the blue boarder control channel. Also silver coins/bullion are not a banned item or restricted item.

From the HM Revenue & Customs page for arriving in the UK:

http://www.hmrc.gov.uk/customs/arriving/arrivingeu.htm

Also

HM Revenue & Customs PDF guide for travellers entering the U.K.

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_001734&propertyType=document

Thanks for that but I suspect that the situation is not quite so simple as you make out. See

http://www.heathrow-airport-guide.co.uk/dutyfree.html

"When travelling from the EU* to the UK you do not have to pay any tax or duty on goods you have bought in another EU country as long as tax was included in the price when you purchased the items, the items are for your own use, and have been transported to the UK by you. This includes gifts, but does not include any item that is intended to be used as payment or to be resold."

Investment metals clearly fall under the 'payment or to be resold' category.

I tried to find some guidance on this subject from the www.hmrc.gov.uk website but could not find anything that addresses the question directly.

http://www.hmrc.gov.uk/customs/arriving/arrivingeu.htm

Even your own source says quite clearly that

"For excise goods such as alcohol and tobacco, there are no restrictions. However you must meet the conditions below:

...

- The goods are for your own use or as a gift. If the person you give the goods to pays you in any way (including reimbursing you for any expenses or payment in kind), then it's not a gift and the goods may be seized."

What exactly were you intending to do with your imported silver if not use it as an investment or form of payment?

I'm open to suggestions.

Have any forum readers actually tried taking silver from the EU to UK without hiding anything from customs?

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Thanks for all the responses. The personal use question is an interesting one, I certainly don't intend to liquidate the imported silver any time soon and for now at least, it would be for my own use. However this could be open to interpretation by a customs officer.

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Don't fly (it screws the environment). Go in your car and no one will ever bother. In fact don't fly at all its the dumbest way to get from the UK to France - its quicker and cheaper and less hassle to drive. (and less pollution). "What's that mate - a bottle of water? TERRORIST - SHOOT HIM. No, flying is probably the worst way to travel if you can possibly avoid it.

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Hi

I'm intending to buy some silver coins and I've read this post, specifically the line "Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. ".

Now my question is if I have silver coins delivered to France (where VAT is lower at 7%) and then bring them back to the UK, will any further VAT be payable or will the fact that VAT has already been paid within Europe take care of this?

Thanks

I know this post is very old but I am posting the following for information purposes for other people who are looking online for information regarding importing silver coins from other EU countries where the tax/VAT is much lower than in the UK.

I recently imported €30K worth of bullion coins into the UK from Germany.

Approx €20K (18 coins, spot price of gold was around $1400) worth of these coins where in 1oz Gold bullion form. Although these are VAT exempt in the UK, they could be bought notably cheaper in Germany than from any reputable UK dealer.

The other €10K was in silver 1oz Bullion coins. In Germany, the Mehrwertsteuer (VAT) on silver bullion coins with a legal tender denotation is 7%, as oppossed to the 17.% (and now 20%) tax in the UK. When going through the German airport (Hamburg), I had my very heavy personal luggage checked by the guy on he scanner who was unsure whether I could carry these things or not. His superviser then appeared, gave the contents of my bag a quick check and said:

"oh yeah, that will be more 'Poker Chips', yep fine, on you go."

At the UK airport, there wasn't even anyone manning the desk for declaring goods and I would have had to wait around and demand that I receive attention, which of course I didn't do.

In summation, since it is legal to make personal purchases within the EU, as either gifts or for ones own personal use/enjoyment, without having to pay any additional VAT on the items upon return to Britain. I believe that insisting that your Silver Bullion coins are 'Poker Chips', is a loophole that airport security/customs officers are very used to dealing with and accepting.

Edited by Retardstic

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Don't fly (it screws the environment). Go in your car and no one will ever bother. In fact don't fly at all its the dumbest way to get from the UK to France - its quicker and cheaper and less hassle to drive. (and less pollution). "What's that mate - a bottle of water? TERRORIST - SHOOT HIM. No, flying is probably the worst way to travel if you can possibly avoid it.

Depends where you're travelling from doesn't it really?

If you live in Kent and are a few minutes drive from a eurostar terminal then yes driving would make sense. Suppose you live in the far north of england and drive a car with a sizable engine (you wouldn't want to drive it in a clio!), it'd be a 24hr round trip in all with +£100 petrol - a return buget flight would come in well under that and you'd be on the continent in under 1.5hrs!

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My stack was for personal enjoyment and as an inheritance for my kids. But that is purely academic as it was left in the boot of a car that was crushed.... clumsy me.

Oh no, how big was it? Is it not worth extricating it?

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Depends where you're travelling from doesn't it really?

If you live in Kent and are a few minutes drive from a eurostar terminal then yes driving would make sense. Suppose you live in the far north of england and drive a car with a sizable engine (you wouldn't want to drive it in a clio!), it'd be a 24hr round trip in all with +£100 petrol - a return buget flight would come in well under that and you'd be on the continent in under 1.5hrs!

The budget flight would still generate more CO2.

Assuming that is not of interest (it is not to many people), then the issue still depends on a lot of factors. Airport parking at a tenner a day, car hire the other end at 30 quid a day and all the check-in BS stripping off to X ray your knob-ring and so on. Perish the thought you want to move anything liquid too. We can fill our estate car with liquid and no one minds. Now let me see what liquids might you want to move :D

For a quick trip the flight is probably the better if not the greener. A car load of booze makes it a financial no-brainer though ;)

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The budget flight would still generate more CO2.

Assuming that is not of interest (it is not to many people), then the issue still depends on a lot of factors. Airport parking at a tenner a day, car hire the other end at 30 quid a day and all the check-in BS stripping off to X ray your knob-ring and so on. Perish the thought you want to move anything liquid too. We can fill our estate car with liquid and no one minds. Now let me see what liquids might you want to move :D

For a quick trip the flight is probably the better if not the greener. A car load of booze makes it a financial no-brainer though ;)

The CO2 per passenger km from plane travel can be comparable or less than a single occupant large car.

This link illustrates the point but is not clear on the occupancy levels of the plane assumed for the calculations. If people fancy it, more calculations can be found here :-).

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The CO2 per passenger km from plane travel can be comparable or less than a single occupant large car.

This link illustrates the point but is not clear on the occupancy levels of the plane assumed for the calculations. If people fancy it, more calculations can be found here :-).

Can anyone recommend a good place to buy from in germany to import to the uk by self ?

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  • 259 Brexit, House prices and Summer 2020

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