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

Importing Gold

Recommended Posts

A family friend wants to physically bring about 5kg of 18ct gold bar (non-investment) to UK, so that I can help him sell.

I asked him to come with money to pay for the VAT and import duty to HMRC at the airport. Is this sufficient to allow him bring the gold in?

Share this post


Link to post
Share on other sites

Investment gold has neither VAT not import duty so he should be able to just bring it without any costs. Customs may want proof to show he owns it and is not some kind of terrorist financier.

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

International Buyers

We also frequently buy gold coins from many other countries. There is no import duty or tax on entry to the UK for most gold coins or bars.

Note the use of the word most. Numismatic coins, the old ones sought after by coin collectors, do attract VAT. They have to sell for 180% of the bullion price to be defined as numismatic. Jewelery will also attract VAT if you intend to sell it here, they wont demand VAT on your gold teeth for example.

Share this post


Link to post
Share on other sites
What does "non-investment" gold bar mean?

If it means something like "gold solder bar", it does attract VAT.

Non-investment means its not 'gold coin' or its purity is not upto 99.95% to make it fall into TAX free.

What am asking is if VAT and import duty is paid at the point of entry what other conditions need to be fulfilled to allow the clearance of the gold.

Edited by olawest

Share this post


Link to post
Share on other sites
A family friend wants to physically bring about 5kg of 18ct gold bar (non-investment) to UK, so that I can help him sell.

I asked him to come with money to pay for the VAT and import duty to HMRC at the airport. Is this sufficient to allow him bring the gold in?

If you contact HMRC Customs in advance you can do all the paperwork and be informed of the charges in advance, it will also get around any problems with money laundering. It is going to be expensive as it will be treated as jewellery gold.

I don't understand why he is bring it though as there is a good gold market in South Africa. They will happily take the bar and change it for money or Krugerrands or whatever he wants. If he does change it into Krugers then it can be brought in as investment gold and he saves 17.5% in VAT as a minimum.

Why bring it to the UK?

Share this post


Link to post
Share on other sites
If you contact HMRC Customs in advance you can do all the paperwork and be informed of the charges in advance, it will also get around any problems with money laundering. It is going to be expensive as it will be treated as jewellery gold.

I don't understand why he is bring it though as there is a good gold market in South Africa. They will happily take the bar and change it for money or Krugerrands or whatever he wants. If he does change it into Krugers then it can be brought in as investment gold and he saves 17.5% in VAT as a minimum.

Why bring it to the UK?

Thanks for the advice, he is not gold dealer per se, but they have d gold in their house for several years and thought

it will be easier to sell in London. I will ask him to change it for Krugers.

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.

  • 395 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.