Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 8000+ forum members. 

Recommended Posts

This I a common question from new UK members registering, so I have decided to create this short guide. This guide is meant for guidance only and does not constitute financial or TAX advise, it is correct to the best of my knowledge but readers should do their own research before acting upon any information contained within.

VAT on silver imports 
All silver imported to the UK from outside of the EU is subject to import tax and charges, VAT on silver is currently 20%.

The UK is in a transitioning period and is set to leave the EU on 1st January 2021. Whilst the UK is in this transitioning period there is no import tax or charges for goods imported from the EU. After we leave the transiting period (i.e. on 1st January 2021) it is assumed that the imports will be subject to the full rate of VAT which 20%. 



Can I buy VAT free / low VAT/TAX silver in the UK?

Any UK company that has an annual turnover over £85,000 must register for VAT. This means that they must charge VAT on VAT applicable sales, at the applicable rate of VAT for that item. Silver has a VAT rate of 20%. 

VAT registered dealers in the UK may sell secondhand/preowned silver on a margin scheme, this means that instead of applying VAT to the price of the whole item, it is calculated on the difference between the purchase price and the resale price, and then this is added on top. (Note that dealers will often give you the total including VAT, but check with them if you wish to know their prices) This ultimately means a lower cost for a secondhand/preowned item vs a cost of a brand new item. Note that not all dealers in the UK use this scheme and their choice of using it is down to them.

Two well established UK companies that have sometimes have secondhand/preowned items in stock are Atkinsons and Chards. Both of which are on the forum also. Note that there are also other UK companies, these two are just given as examples. 


Can I buy VAT free / low VAT/TAX silver from outside UK?

There are currently dealers that operate in Germany, and some in Estonia that offer silver at a lower rate than can be purchased in the UK. This is due to current tax and how they have decided to set up their businesses in these regions. This scheme is offered on Silver Coins (that are legal tender) only and not on Bars.

These companies include, but are not limited to; Silver To Go, European Mint (which BackyardBullion organised a group buy for), GoldSiver.be. Note there are other companies, these are just given as examples. Please also check the Dealer Directory on the forum. 


EM Group Buys 

Please see the general precious metals section to see if there is a topic about current group orders (it may be pinned) https://www.thesilverforum.com/forum/6-general-precious-metals/ please also check BackyardBullion's section here: https://www.thesilverforum.com/forum/62-backyardbullion-uk/


Lowest cost silver bars & items in the UK. 

Baird's is a popular option for members in the UK, as they sell their own produced bars at extremely competitive rates. Many members also choose to buy items exclusively on the forum's trade section. Trade listings are available to Premium Members only for the first 3 days and all good deals go well within this time frame, so to have a chance to pick up some of the deals in the forum trade section, please upgrade to Premium Membership.


Conclusion 

We hope that you have found the information here useful, please refer to the main forum section for more helpful information from other members. If you have found this information useful or any other information on the forum useful, please upgrade to Premium Membership to support The Silver Forum grow, the larger we grow the more great deals can be found in our trade section and the more useful information is available on the forum :) having Premium Membership will also give you the benefits listed here.

If any of the information in this topic is believed to be incorrect please let me know so that it can be fixed. 


My posts are my personal opinions, they do not constitute advice or financial advice.

Please Follow / Like / Share to help spread the word of The Silver Forum:
TSF Instagram - TSF YouTube channel - TSF Facebook page - TSF Twitter page

ūü镬†Check out our YouTube Channel, a NEW video released every Friday¬†ūüé•

Share this post


Link to post
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


√ó
√ó
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use