So I put in an order to a very well known dealer on Friday which was over £5000. Today they have come back and asked to see my passport and Driving license and a household bill.
Now I understand it's law that if you are buying gold over a value of £5000 then it's a requirement - EXCEPT in certain circumstances - one of these is selling over the internet/mail order
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(VAT Notice 701/21) section 7.4
7.4 Internet and mail order sales
This section has force of law.
If you sell investment gold over the internet or by mail order and you fulfil the conditions at (a) or (b) below, you may, instead of keeping the customer record set out at paragraph 7.1(b), keep and maintain the following record:
(a) if your supply is paid for by credit card and the delivery address is also the card holder’s address, you must record the name of your customer, the credit card issuer and the card number; or
(b) if your supply is paid for by cheque, you must record the name of your customer, the name of the bank and the account number of your customer.
You must also keep proof of despatch of the investment gold to your customer’s address.
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It seems to me that it's not necessary to provide all the details being requested by the dealer. what are other people's experience of this? When I've bought Gold over £5000 previously (Royal Mint) there wasn't a murmur. I guess in the scale of things it's not necessarily a biggie. But being aware of Identity Fraud I try and keep my personal information to myself as much as possible - it's going to sit on their hard drives for the next 7 years, who knows who has access to it.
Am I over reacting?