Jump to content
House Price Crash Forum
Sign in to follow this  
lifechooser

Importing Gold

Recommended Posts

I'm currently in the US on business. Before I flew out I was looking to buy a few coins, perhaps 5oz.

I found a couple of shops out here. They seem to charge around gold+$20 for kruggerands, which seems a lot cheaper than in the UK. I was quoted ~gold+£35 + postage (the nearest I could find was london).

So, it makes sense to buy coins here, but I'm having grief trying to find out if I need to declare them or pay tax when I land in the UK. Does anyone know? HMRC don't seem to, or at least, their email monkeys don't.

Then I need to find out what my bank will charge for a debit card transaction. I think it's current exchange rate + 2.75%. In my head that sounds cheaper, but I need to do the math(s).

The same store sold me 1oz silver eagle for $22, which sounded like a great deal compared to the UK. I just need to keep under the VAT limit... I think I'll stick with one coin for curiosity rather than investment.

Share this post


Link to post
Share on other sites

I just thought. Is there a limit on importing silver? I know I have to pay VAT if I buy in the uk, but does the same apply if I import it? Is it best to keep under the £145 limit?

Edit: after all, it is legal tender. I'm talking coins rather than bars.

Edited by lifechooser

Share this post


Link to post
Share on other sites

I had a look at the HMRC website and I see what you mean.

The only clearly helpful thing I found was:

Click for website If you bring in something worth more than the limit of £145, you must pay charges on the full value, not just the value above £145.

Gold tender coins are exempt from VAT, but it doesn't say anything about import duty and the book you need to look at to find out (Volume 2 of the Revenue and Customs Integrated Tariff of the United Kingdom) costs £245, but is available in some libraries!

Share this post


Link to post
Share on other sites
...

So, it makes sense to buy coins here, but I'm having grief trying to find out if I need to declare them or pay tax when I land in the UK. Does anyone know? HMRC don't seem to, or at least, their email monkeys don't.

...

You can import as many gold coins as you like provided that they are Investment Coins listed in http://customs.hmrc.gov.uk/channelsPortalW...=HMCE_CL_000108 but you need to be aware that there is a €15,000 limit for Money Laundering, over that for personal use and you will have to prove where the money came from to purchase the coins. You will only attract attention if Customs think that you are importing more than what would be normal for you personally as a personal import. If you fly 1st class you could bring a good proportion of your baggage limit over as gold, if you fly cattle then stick to sub €15,000.

Silver coins from the US attracts VAT at 17.5% but no import duty any more under the EU rule R2261/98

Share this post


Link to post
Share on other sites

Thanks. I just got an email from HMRC along those lines. I must be sure to take it with me when I fly in.

I've hit my second hurdle now. Of the two shops, one is more expensive than the UK, the other won't take plastic. I'm going to have fun at the ATM's over then next few days...

I'm not making life easy for myself am I?

Share this post


Link to post
Share on other sites

I found out I could get a cash advance in a bank from my card.

So, I took $3,000 back to the store. They had Maples, Pandas and Krugers, all one price, $952 based on $927 spot, so I got 2 pandas (1985) and 1 1984 maple.

Then I spend about $180 on a variety of silver from $22 to $30 per one ounce coin, which I should be able to import tax free as it's below the £145 limit.

Thanks for the advice.

Share this post


Link to post
Share on other sites

Well that was easy.

I went through the red channel, and told the bored looking officer that I'd like to declare some gold. He asked how much, I told him, then explained that there was no tax or duty to pay, but I had to declare it. He said that he believed me about the tax and duty, accepted my declaration and waved me through. No forms, no name and address, nothing. Excellent.

Also can I lay claim to the cheapest gold coin ever bought retail? It's a us $5 commerative proof, containing 0.24oz of gold which worked out to be $219.21. I paid $220. Bargain.

Share this post


Link to post
Share on other sites
Well that was easy.

I went through the red channel, and told the bored looking officer that I'd like to declare some gold. He asked how much, I told him, then explained that there was no tax or duty to pay, but I had to declare it. He said that he believed me about the tax and duty, accepted my declaration and waved me through. No forms, no name and address, nothing. Excellent.

Also can I lay claim to the cheapest gold coin ever bought retail? It's a us $5 commerative proof, containing 0.24oz of gold which worked out to be $219.21. I paid $220. Bargain.

Result! :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 399 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.