SilverHoarder

Can't donate silver right now but I've sent you £50 to throw into the pot.

All the best!

14 please

Could you stick me on the waiting list please BYB?  Those bars look gorgeous.

5 minutes ago, AndrewSL76 said:

Royal Mint are now reporting no more single 2021 Bullion Silver Britannias.........................'no longer available'

Just the tubes and MBs now...

Bullionbypost is out of the 2021 Britannias too and the advertised price for them is £33-£35 each.  Thats a tenner per coin more than what I bought mine for last year!

23 hours ago, silversky said:

@SilverHoarder I'm looking forward to hearing that you've bought a 10oz coin in Europe and paid the seller VAT at 20% and then reclaimed 15% from HMRC.  You might need to go to court though and prove that the dictionary says that all coins are numismatic and that all collectors of coins are numismatists and therefore coins of numismatic interest are of interest to numismatists and are therefore included in their relief from full VAT.  phew.

You don't pay the seller VAT.  VAT is paid to HMRC at the port of import into the UK (from the EU as far as I can tell).  Your second "chapter" doesn't make any sense.  Anyway a bit of a moot point.  I tried to order from the European Mint today and low and behold,... there is no shipping option for the UK.  You have to arrange your own pickup at an additional cost of 15 Euros to the European Mint.  Might be because DHL etc have stopped transport to the UK because of COVID2 etc but will need to wait and see.

I'm so tempted just to order 2 x 10oz coins from the European Mint, grab HMRC by the short 'n' curlies and sort this whole issue out.

3 minutes ago, BackyardBullion said:

That coin I think is a perfect example of one that will get a refund, but 1 oz britannias, not so much 

Yeah as I said, generally 1oz coins are dead in the water.  It's 2oz and up that will benefit.  You need to upgrade that furnace of yours to accept 10oz whoppers from now on

2 minutes ago, BackyardBullion said:

The key thing here is that the tariff code says coins of numismatic interest, not collectable coins. Any coins can be collectable - but not all coins have numismatic interest.

I'd say limited edition collectibles or gifts would cover that.  I'm in the process of filing for a refund on the VAT for the WW2 75th anniversary Silver Eagle.  Will update when I have an answer from HMRC

Quantity isn't an issue.  If the Royal Mint says the coins are collectible, then that is the VAT code that should be applied. For all HMRC know you could be a reseller on ebay or a High Street shop.  It doesn't matter what the end purpose is, it's the imported goods that matter and RM states they are collectibles i.e. 5% VAT on imports.

3 minutes ago, silverscotty said:

The seller in the eu will want the 20% vat on purchase so he can to give it to richie sunak you would then have to claim back 15% fill in forms wait several months for a rebate , but if you bought say 200 2oz beast coins from germany all the same coin it looks like you are not a collector and would get charged 20%  if you bought 200 coins in a variety of different coins you could claim the 5 % vat on the basis you are a coin collector. 

I disagree @silverscotty.  It clearly states on the Royal Mint website that £5 coins (i.e. Queens Beasts) are collectibles therefore the tax code should be for collectibles and be hit by 5% VAT.  HMRC couldn't argue against that no matter how many you ordered

@BackyardBullion  Just thinking out loud for the poeple like yourself that would befefit from less VAt on silver for your business.  For us stackers it means if we want cheap silver we start stacking 10oz'ers which isn't ideal

1 minute ago, BackyardBullion said:

From memory of what Pete said, they would apply 20% VAT then you make a claim for a refund and you would have to provide the evidence to back up your assertions that it is a collectable. So ultimately it will come down to the judgement of a customs official. 

HMRC cant argue against the Royal Mint who make the currency

@BackyardBullion Yup thats what I reckon but the larger denominations should be ok

Having read and digested quite a lot of posts on the forum, HMRC and Royal Mint I can see there is still a way to get cheaper silver into the UK but we would end up paying 5% VAT - still better than 20%.  It all hinges on the following quote from the Royal Mint website.

"In practice this means that although the silver UK coins we produce in denominations of £5, £20, £50 and £100 are approved as legal tender, they have been designed as limited edition collectables or gifts and will not be entering general circulation. As such, UK shops and banks are unlikely to accept them." Link https://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines/

So, if we were to buy only the above denominations in silver coins, and make sure the seller prints the collectables VAT code in huge honking letters/numbers on the parcel, we should only get stung for 5% VAT.  It would mean an end to importing 1oz coins but it is a way to get cheaper silver.

Might be slightly off topic but now that we will be free of EU regulations, maybe it's time we lobbied the UK Govt. to remove the absurd VAT element on sales of silver bullion?

End of World War II 75th Anniversary American Eagle Gold Proof Coin

Too shiny to photograph properly with the kit I have