RickListon

On 23/04/2024 at 10:46, MBTPSilver said:

I'm not aware of any dealers that actively report transactions. We are legally required to verify customers under the VAT-free investment gold notice, section 7, records to be kept - https://www.gov.uk/guidance/gold-acquisitions-imports-investments-and-vat-notice-70121#sect7

If HMRC/police come to a dealer with the proper data access request the dealer will then hand those details over, but no dealer should be going to HMRC etc at the end of each year and giving them a list of all the transactions etc. There are also AML and KYC bits that help protect the dealer and customers, but again don't require pro-active reporting.

Thanks for clearing this up, I was mainly confused about this. I had to verify my purchase by showing ID/Proof of address, so was wondering where and why this information is required. 

2 hours ago, Bratnia said:

A dealership may ask/record whether you're buying gold for someone else, even if so you might say no, and then later opt to privately sell that gold for 0% gain/loss on to another shortly thereafter. i.e. end up with gold bought in someone else's name and address/id, along with additional private sale/purchase/transfer records. For self insured/storage security reasons that might be good practice, no record of photo/id/address of where the gold might be being stored, but does leave the purchaser who used their ID to buy the gold potentially exposed to risks. Thinking along the lines of two brothers, one buys the gold using their ID/address, and then passes/sells that gold on to their brother who then stores it at their separate/different address. If HMRC have records of transactions/gold purchases stolen/lost and a thief visits the brother who purchased the gold in their name, opening the safe when a sharp pencil is held up to a loved ones eye would reveal a sale record/note ... no gold, sale proceeds ... spent, just a couple of grand in cash within the safe.

The UK has transitioned to where it cares little for citizens safety, more a case nowadays of buyer beware, the state gives illegal migrants more care/security than the population those illegal migrants mix into even though they may have past criminal records ...etc. Very much a case of having to best secure ones own safety/security. Call the Police and they might be able to book you in to attend in several days time, if at all. Or if they do attend they send out maybe a pair of barely five foot tall WPC's that can do little if confronted with a gang of six foot burly beasts. 

Appreciate the insight. And yes, spot on there, I am worried about my ID being linked to the gold purchase falling into the wrong hands... So many instances where these large organisations have failed to protect customer identity. 

7 hours ago, Gordy said:

oh yeah, £1,000's change hands on here daily, buy off established sellers and you'll be fine

Awesome to know, wish I waited and purchased from the folks here!

8 minutes ago, Darr3nG said:

99.9% positive feedback on over 54,000 transactions...

Have a look here: [https://www.thesilverforum.com/feedback/]

Amazing, thank you for that!

12 hours ago, Bratnia said:

Both. Dealers have to register with HMRC. Dealers have to take anti money laundering measures ... record name, address, id (passport/driving licence) ...etc. of anyone who buys/sells more than £5K/year with the dealership, even if in smaller amounts several visits/trades ... so commonly dealers always ask for/record that data. i.e. there are multiple rule sets for HMRC/VAT/AML that have to be complied with.

Anti privacy is rife nowadays. Having details of for instance how much/when you bought/accumulated gold, and a photo and your name/address is wide open to being sold on to the black market. It's not even as though that data is secure, the state often loses large amounts of data. The concept is to ultimately have every penny accounted for, for each individual, where money was obtained from and spent, that alongside facial and number plate recognition technology, internet and calls, geolocation etc. enables each inmate in the open prison to be closely monitored, and for micro-fines to be deployed. You crossed a crossing before the green-man - your electronic money account has been fined £50. You've bought too much red meat this week ... fined £100. As part of the drive to that state control all banks have been threatened to report all suspicious transactions, or else be fined, maybe lose their licence - the obvious outcome is that banks report all transactions - as desired by the state.

Yeah super annoying how everything is so tracked now, can't enjoy any privacy anymore. I bought a small amount and was still asked to show my passport, and utility bill... Made me want to cancel my order... 

48 minutes ago, Gordy said:

simple mate, get a premium membership on here and buy on here, its cheaper

Will look into it, cheers pal. Is it safe to do so on here?

Hey, looking to get into buying gold myself as the price keeps on rising, especially recently.

After reading up about buying Gold, lots of Bullion dealers state they report purchases over £5,000 / £10,000 in multiple orders to HMRC? 

However, on other threads, I have read thats for dealers to report themselves as traders to HMRC...

Can anyone confirm which is true?

Thank you in advance,