Do I need photo ID when buying selling gold/silver in UK

[DanTer]

HI

Im new to this , I seen information's on few websites that when buying /selling gold to/from them I need to bring in my photo ID.

Is this the legal requirement in UK or only some stores require that?

What is the reason for this ?

Thanks

 

 

[HerefordBullyun]

It normally depends on how much you are buying. Normally if you are buying over 10ks worth, then expect to - many dealers dont require ID below this limit. It mainly is for CGT puposes.

[DanTer]

On 06/06/2020 at 23:31, HerefordBullyun said:

It normally depends on how much you are buying. Normally if you are buying over 10ks worth, then expect to - many dealers dont require ID below this limit. It mainly is for CGT puposes.

 

[HerefordBullyun]

4 minutes ago, DanTer said:

So If I will be buying something like 1 oz gold Britannia every couple of weeks - then they should not ask ?

Correct! But if they notice a trend they may ask! And also I would shop around, like here on TSF. You cant go wrong buying on here! all of my buying experiences have been good here. There are plenty of competative dealers. And you can use this link to compare where you can buy gold from the cheapest dealer depending on the coin you want to buy. 

http://goldprice.eu5.net/

[DanTer]

15 minutes ago, HerefordBullyun said:

http://goldprice.eu5.net/

Fantastic site - thank you !

[HerefordBullyun]

1 minute ago, DanTer said:

Fantastic site - thank you !

Dont thank me! thank @Darr3nG he was the one who cleverly set it up!

[HerefordBullyun]

Also some gold not all is capital gains tax free and some silver ie Britannia's

[Martlet]

There is legal requirement to ask for ID for over 5k in a purchase or 10k a year, under anti-money lauding law.  Most dealers will rather simply ask all customers by default to cover themselves.

[Geedubs]

On 07/06/2020 at 12:13, Martlet said:

There is legal requirement to ask for ID for over 5k in a purchase or 10k a year, under anti-money lauding law.  Most dealers will rather simply ask all customers by default to cover themselves.

+1 to this, I hadn't expected to be ID'd on a recent purchase of 5 sovs but was asked to provide 2 forms of ID. Do dealers have a KYC requirement the same as brokers?

[Prophecy]

They usually ask for proof of ID to know you are the one who ordered online. They won't take a copy of it unless you purchase over the legal amounts for ID collection.

[ilovesilverireallydo]

14 hours ago, Geedubs said:

+1 to this, I hadn't expected to be ID'd on a recent purchase of 5 sovs but was asked to provide 2 forms of ID. Do dealers have a KYC requirement the same as brokers?

No but most dealers now by default try to cover their behind for purchases over £1k. HMRC has been cracking down a fair bit lately on bullion shops that accept cash transactions. 

[sovereignsteve]

3 hours ago, ilovesilverireallydo said:

No but most dealers now by default try to cover their behind for purchases over £1k. HMRC has been cracking down a fair bit lately on bullion shops that accept cash transactions. 

I've wondered for a while now what will happen when HMRC discover the trading section on this forum. Some people do sell rather a lot of stuff in a year and much of it in cash. Maybe they already have and are monitoring us closely😉

[ilovesilverireallydo]

20 minutes ago, sovereignsteve said:

I've wondered for a while now what will happen when HMRC discover the trading section on this forum. Some people do sell rather a lot of stuff in a year and much of it in cash. Maybe they already have and are monitoring us closely😉

That’s one of the reasons I do everything through the company unless sovs from personal collection 

[ChrisSilver]

5 hours ago, sovereignsteve said:

I've wondered for a while now what will happen when HMRC discover the trading section on this forum. Some people do sell rather a lot of stuff in a year and much of it in cash. Maybe they already have and are monitoring us closely😉

I don’t think that most transactions on the forum between members are in cash, I have rarely seen any listings asking to meet in person for cash. I think mostly people sell online and payment is via PayPal or Bank Transfer.

It is a member’s responsibility to file any applicable tax returns correctly and accurately.

[BairdMint]

Best to cover your self when buy and selling, have/ask for ID. You don't want to be caught out down the line.

[sovereignsteve]

12 minutes ago, ChrisSilver said:

I don’t think that most transactions on the forum between members are in cash, I have rarely seen any listings asking to meet in person for cash. I think mostly people sell online and payment is via PayPal or Bank Transfer.

It is a member’s responsibility to file any applicable tax returns correctly and accurately.

By cash I meant paypal F&F in the main. As good as cash but more trackable I guess.

[GoldenPhil]

Funny enough just had PayPal asking for more information due to the money I have been receiving