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Importing Silver Bullion

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I believe that 20% customs tax (or VAT) is levied on imported silver bullion.

Can anyone tell me how it works?

Do they contact you for payment before releasing it through customs, or do you have to pay the delivery man?

Also, do they rip you off on the exchange rate like banks do?

Thanks in advance.

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I believe that 20% customs tax (or VAT) is levied on imported silver bullion.

Can anyone tell me how it works?

Do they contact you for payment before releasing it through customs, or do you have to pay the delivery man?

Also, do they rip you off on the exchange rate like banks do?

Thanks in advance.

If you don't need or don't want to take physical delivery, buy through Bullion Vault, then there is no VAT to pay

See Link

LINK

Edited by yorkshireman

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I believe that 20% customs tax (or VAT) is levied on imported silver bullion.

Can anyone tell me how it works?

Do they contact you for payment before releasing it through customs, or do you have to pay the delivery man?

Also, do they rip you off on the exchange rate like banks do?

Thanks in advance.

Today because quite a number of people I know overturned the customs fees (they can't pay it on your behalf and ask you to pay up due to past consideration law) they send you to go pick it up and you ay there and then.

Since major UK post hubs tend to xray more stuff getting away with it happens less frequently. I'd say take a flight out to HKG buy 10x 5Kilo bar for £29000 then bring it in your luggage travelling through a HUB airport like Manchester were there barely ever are any customs officers.

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If you don't need or don't want to take physical delivery, buy through Bullion Vault, then there is no VAT to pay

See Link

LINK

I looked at that some time ago, but it's more cost effective to use an ETF (PHAG).

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I don't understand your post, can you explain further? Thanks.

Sure - they charge 20% VAT if you take delivery / ship it to the UK or charge what ever the VAT rate is in other countries that apply VAT (or it's equivalent) to silver.

Or even simpler- VAT is paid at source with them :)

Edited by GeordieAndy

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I believe that 20% customs tax (or VAT) is levied on imported silver bullion.

Can anyone tell me how it works?

Do they contact you for payment before releasing it through customs, or do you have to pay the delivery man?

Also, do they rip you off on the exchange rate like banks do?

Thanks in advance.

What I done just recently, was went into the €urozone (Germany) and bought me a big pile of silver (and gold) bullion coins. The Mehrwert Steuer (VAT) in Germany is of course only 7% and the dealer I went to also takes a smaller premium than any UK dealer that i am aware off.

When coming through customs, if you get your overly heavy hand luggage checked, you insist that the coins are poker chips. This is the loophole that the security chaps will accept. Poker Chips would count as a personal purchase, the VAT for which you have already paid in another EU land.

Of course, the recent slide in metals prices combined with the hidden bank charges for transferring my money into a euro denomiated account (you know, how the bank insists that they dont charge any commission over and above the transaction fee, and then you find out that about 1000€ has fallen of the amount you expected to arrive in the €uro denominated account), has meant that my gains have been minimal......and on the gold I have of course lost quite a bit going by todays Spot Price.

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What I done just recently, was went into the €urozone (Germany) and bought me a big pile of silver (and gold) bullion coins. The Mehrwert Steuer (VAT) in Germany is of course only 7% and the dealer I went to also takes a smaller premium than any UK dealer that i am aware off.

When coming through customs, if you get your overly heavy hand luggage checked, you insist that the coins are poker chips. This is the loophole that the security chaps will accept. Poker Chips would count as a personal purchase, the VAT for which you have already paid in another EU land.

Of course, the recent slide in metals prices combined with the hidden bank charges for transferring my money into a euro denomiated account (you know, how the bank insists that they dont charge any commission over and above the transaction fee, and then you find out that about 1000€ has fallen of the amount you expected to arrive in the €uro denominated account), has meant that my gains have been minimal......and on the gold I have of course lost quite a bit going by todays Spot Price.

AFAIK so long as the Mehrwert Steuer was paid then there is no further liability on entering the uk since the tax was paid in the country of origin. There is no need for the poker chip story just produce the receipt.

Next time I go I am going to try and reclaim the Mehrwert Steuer when leaving germany too :D

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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