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silverscotty
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Posts posted by silverscotty
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1 hour ago, SilverHoarder said:
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
if you was an art collector you would import 100 oil paintings all the same
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2 hours ago, SilverHoarder said:
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.
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.
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with the shipping from eu and insurance fee and customs declaration paperwork fee still think it's cheaper on today's prices might as well buy direct just pay the royal mints £9 delivery charge
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Had a quick look round at the today prices from around Europe on a 25 tube of Britainia INC VAT on 2021 coins was surprised.
royal mint UK £681
coin invest GER £715
goldsilver BEL £720
European mint £754
*customs declaration charge/fee and delivery not inc in these prices above.
European mint most expensive now was the cheapest sad.
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1 hour ago, BackyardBullion said:
Yep, supply VAT means it is charged at the rate applicable to it as if it was bought in the UK. So in theory you can buy gold from EU/world dealers and they are fine - no VAT registration and no Import VAT. Silver, not so much - thats 20% at least unless you can claim it is a collectable numismatic in which case you might be able to get it down to 5%
Thanks for clarifying that BYB it's a minefield, might register myself as a silver stacking charity 🤭
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sorry didn't know about the new "supply" vat rule , Is the "supply" vat a standard 20% then on these small orders even if you order britains and othet legal tender coins ?
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The £135 vat free import limit is still in place, If you order small silver orders of 4, 5, 1oz not exceeding value of £135 no duty is owed on importing coins from european countries even with shipping still works out cheaper than buying in the uk at 20% vat ,place 100 orders of 5 coins to get a monster 500 box vat free....cheers
- BackyardBullion and Colnago
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so you could for example order and pay for a monster box of silver coins online from a european dealer pay no VAT, jump on a ferry or cheap day return flight collect in person and physically bring the coins back to your UK home tariff free and VAT free happy days...😊
The future of silver, VAT and import charges into the UK now a Deal has been done!?
in Silver
Posted
that's exactly what the tariff 5 % is for genuine collectors of rare numismatic quality historic coins, not 200 queens beasts which are bullion coins they are rough mass produced got plenty myself, remember these 999 coins have only been available to buy last 20 years to the public since the internet a very young market in these terms if you pay the uk vat and stack silver bullion cgt free coins of coarse ,you wont lose money over 10,20 years investment