noddycoder

On 13/10/2021 at 23:53, Melon said:

I'm thinking about converting 20 1/4oz Maples into 25 Sovereigns. Interested in whether anyone's ever done something similar and how you went about it?

In an ideal world I'd swap in through a dealer, but from what I've seen I'd lose out on both ends of that deal (i.e. have to sell circa 5% under spot and pay a 5% premium on the buy). Effectively treated as two separate transactions so-to-speak, as opposed to a 'trade-in' type scenario. I'd be comfortable paying a premium on the new coins of course as I wouldn't expect this service for free, but couldn't justify losing cash on both ends of the transaction (effectively a 10% cost to convert). 

Does anyone know of anywhere well suited to a trade-in type scenario? 

The other option would be to sell the Maples privately and buy the Sovereigns afterwards. Probably the smart call financially as I imagine 1/4oz Maples would achieve a small premium over spot, but that option has it's own downsides too. 

Cheers all! 😄

 

 

Also consider giving a few main dealers (Baird, BBP, Chards, Atkinsons) a call and ask what kind of deal they could offer on a swap. I did something similar recently and managed a sub 3% conversion cost. 

Got one of these:

Maybe Brexit has made a difference to how couriers handle UK imports from the EU. Back in Dec 2015 bought a few 1kg silver kooks from Silver-To-Go in Germany, VAT exempt scheme so VAT to pay, delivered without issue by UPS. Similar story for a small number of gold coins from CoinInvest also in Germany.

Not sure what I'd do in your situation. Probably pay up and claim back afterwards.

UPDATE: Well, here's what happened on my travels from LHR to the EU destination:

Arrived really early at LHR for the morning flight, self checked-in my large bags and handed them over at the bag drop desk. Went through to security carrying the coins in my shoulder rucksack.

Asked the nice security lady for a private screening of my rucksack as it contained high value coins. She had a chat with her supervisor and ushered me into a private room just off the main hall. I put the coin boxes on the desk, she ran a swap over the boxes, tested the swab and wished me a pleaseant joureny.

Walked to the airside Customs office just around the corner from security, picked up the red phone and said I needed to make a cash declaration. With in 15 minutes a couple of customs officers walked by and led me into a private room. I gave them my pre-filled cash declaration forms. They briefly inspected one of the coin tubes from one of the boxes, stamped my cash dec. form and wished me a pleasant journey.

Got on the plane with no questions asked regarding contents of hand luggage, vaccination/test status or registration forms.

Arrived in EU country, got past passport control, picked up large bags and went through "Red Zone" exit. Approached a customs officer saying I had some goods to delare, was ushered into the customs office, they were expecting my arrival as I had emailed them the previous day. Gave them the EU cash declaration forms. They were super friendly and very interested in the coins. Forms were stamped and I was on my way.

So... ...a huge sigh of relief, everything went smoothly. I took way too much paperwork and documentation with me, almost none of it was asked for. 😊

To be fair, the ebay listing clearly states "COLOUR COPY" in the item title, so there should be no ambiguity regarding what you'll be getting.

I've always yearned after the fabled Perth Mint 2000 gold dragon 1oz coin, but have never been able to find one to buy, and when occasionally listed had extortionate premiums. About a year ago a replica dragon was listed on ebay, I bought it for £10, very happy to finally have my hands on one. Even though it's not real 😁

10 minutes ago, Coverte said:

Thank you, yes, much clearer - I still deeply dislike the way the world Governments have sleepwalked us from individual people into numbers/statistics to be monitered with data stored on our every move.

Hopefully you're gifting these to avoid future IHT; that (abhorrant IHT) is now one of my driving forces in stacking for my children and grandchildren 

There's currently no IHT in the destination country, although that could change PDQ when the gold price goes to where I think it's going. I'm gifting these now because IMO international travel for the plebs is only going to become more restricted, as pandemic controls morph into climate emergency controls.

Also, I'm sure you're aware of the 7 year rule that any gifts to children are IHT-free if the donor lives 7 years after gifting.

27 minutes ago, Coverte said:

I'm a little surprised OP has no similar concerns about Customs on arrival in the destination country now UK is non EU; I assume customs are very lax or something ...... 

I take you're point, however EU regulations on cash controls were much easier to find and simpler to understand than the UK equivalents:

https://ec.europa.eu/taxation_customs/business/customs-controls/eu-cash-controls_en

Thanks to everyone for your replies, you guys have combined decades of experience dealing with PMs, so it says something when there's no clear answer to the question.

9 hours ago, Foster88 said:

I can’t help nor can I say what forms you might need to fill out.

The best gold you can move between countries, in my opinion is gold you can wear.

I’m sure another forum memeber can advise you further but this is the reason why I buy 22ct jewellery.

No, I’m not Mr T. 😬

I can't find a link to the article but I read a while back of Italian Customs seizing an "excessive amount" of jewellery a woman was wearing through customs.

8 hours ago, stackerp5 said:

If you don't mind me asking, where do you buy 22ct jewelry? I imagine it's a relatively low premium compared to lower carats correct?

Indian jewellers typically manufacture and market 22-24ct gold jewellery. In the UK try London (Southall - west, Green Street - east), Birmingham or Leicester. Outside of the UK: Dubai, Mumbai or HK.

3 hours ago, dicker said:

All I can tell you is that under 10k = no forms.  
 

Best

Dicker

True, but be aware that Customs can seize amounts lower than 10K if they believe it's proceeds from criminal activity or will be used to fund criminal activity. You need a good explanation for any amount of cash if asked.

3 hours ago, MancunianStacker said:

Indeed!

Also I wondered if the £100 = 1oz of gold Britannia gold could be used as part of this £10,000?

You can take notes up to £10,000 so maybe 10 x £100 gold coins just equates to £1,000 🤔??

I wouldn’t want to test this theory out. That’s why I also like bullion sovereigns. Just throw them in the coin wallet with the rest of the foreign currency. They are small enough.

Also, how about wearing the gold brits around your neck within a gold gold holder on a chain 🤔 You might look like Mr T but in the end it is jewellery. 😂 

The 'face value' vs 'market value' trick has been tried in the past, Customs are aware, I wouldn't risk it. Besides, even if I declared the coins at face value, the total value of them would still be multiples of £10K 

Thanks again for all the replies.

Hi,

Hope someone can help: I'm planning on carrying a bunch of gold Brits on a plane out of Heathrow in the near future, taking them to the EU as a gift to my son. The value will be north of £10K. I have all receipts, bank statements, customs declaration forms for the EU country I'll be flying to. The coins will be in hand luggage.

But I don't know what UK forms I'll need to provide Heathrow Border Force when I go through airport security. I contacted HMRC Exports and a nice chap told me (and confirmed by email) that all I have to do is provide an "oral declaration" together with supporting documentation (receipts and bank statements).

I contacted Heathrow Border Force and a BF officer told me I need to fill in a C88 Export Declaration form, and gave me a copy of the form and a list of UK agents who can help me prepare the form. 

I contacted an export agent on the list of UK agents, and he told me form C88 is for businesses only, and that I, as a private individual  carrying personal property, don't need to fill it in.

There is an online cash declaration form on the HMRC website that I plan on completing and taking with me.

Any ideas re. what declaration docs are needed to fly from a UK airport with a bunch of gold bullion coins and clear UK customs?

Thank you.

Hi, yes, just the one, thank you. Have a weakness for all things snakes and dragons  

Hi, is the 2oz snake still available? How much is insured post to London? Thank you.