USA to UK gold travel

[MetalsMan]

Utterly schoolyard question, I'm sure but if I'm visiting family in the US, pick up some gold coins (and or bar(s) and take it back to the UK, is this smuggling? Is there a duty to be paid?

The UK government site doesn't appear to include bullion on its site regarding duty. Gold.co.uk seems to say you're ok if you fill out a form, but any thoughts/ help, gratefully received. 

[stackerp5]

Personally Don't know but if you bring in Gold Britannias or sovereigns, you won't be charged VAT but they might ask for proof of purchase if you declare.

I brought a tube of silver brits from abroad on a connecting flight and at the connection location (Lisbon) I was asked to take out the tube and show them since it appeared differently on the x-ray. But I didn't declare anything upon entering the country (UK) - as I had bought them here and was just flying around with it.

I'm also interested on what other members have to say about this. Got me curious!

[Richym99]

If you are transporting more than $10,000 value in gold, you need to declare it and complete a declaration. It is the same rules as conveying cash. 

Anything  less than $10,000 does not need to be declared. Just don't put it in your checked luggage. 😃 

[SilverApe]

26 minutes ago, Richym99 said:

If you are transporting more than $10,000 value in gold, you need to declare it and complete a declaration. It is the same rules as conveying cash. 

Anything  less than $10,000 does not need to be declared. Just don't put it in your checked luggage. 😃 

I am wondering if the face value of the coin can be used to calculate the total held or would be spot price times the total weight?

[stackerp5]

9 minutes ago, SilverApe said:

I am wondering if the face value of the coin can be used to calculate the total held or would be spot price times the total weight?

I would like to think this is possible but I highly doubt they'd let you get away with it unless you don't declare and take your chances? Not advice.

[Richym99]

14 minutes ago, stackerp5 said:

I would like to think this is possible but I highly doubt they'd let you get away with it unless you don't declare and take your chances? Not advice.

From the gold.co.uk website.

Many gold bullion coins are attributed a face value by the mints that produce them. The Gold Britannia for example is classed as a £100 coin, but its metal value is instead worth £1,170 at the time of writing.

If you are travelling to a country with restrictions in place, bear in mind that the value of the coin is in its metal, and not the face value that may have been attributed to it. These coins are bullion, and will be considered as such by customs agents. As always if you have any doubts, its better to declare unnecessarily, than to not declare and risk falling foul of any rules.

Should answer your question. Spot price x weight. If it is gold, there is still no duty, just a Fincet declaration to complete. Silver might raise issues entering the UK due to duty on imports.   

[dicker]

Covered before.  I have done this, declared and had no problem at all. 
 

Best

Dicker

[MetalsMan]

Thank you all!

The UK Gov site wasn't clear on types of gold, hence checking in here rather than just taking gold.co.uks word for it, but that's all thoroughly explained. 

Silver, very quickly as I appreciate this is a gold thread, would have a sales tax in the US and probably a sales tax in the UK, so not worth it, I presume? (And yes I'm a goody two shoes, so would be declaring!)

[dicker]

Hi - Yes for silver I believe (Duty to pay).

One one flight back there was no one around in the Declare channel and I had to hunt someone down, to declare a few Purchases (PM and non-PM).  The gent I found was helpful but just basically told me not to worry.

Best

Dicker

[adamantio999]

I live in the UK, where I bought all of my gold and silver in the last 3-4 years. Not much, ten ounces of gold and a couple of hundred ounces of silver.

For geographical diversification, in the last couple of years I moved to Italy (my homecountry) half of my precious metals. One bit at the time, cause I return there twice a year.

Simply putting in my hand luggage a gold ounce (either the full ounce or four quarter ounces) and the 20-25 silver coin tube. Well below the 10k £ (or euros) threshold. And luggage through the scanners in nonchalance 😇. (Almost) never been stopped or asked a question.

Except once. The airport customs guard in the UK asked me to see the silver tubed, which was filled with one ounce American Eagles. Did not want to see the 1oz Gold Buffalo though 🤣. I've explained they were gifts for my family, and that the price of that silver was well below a grand. She seemd hypnotized, said that the coins were beautiful, and let me go.

Edited April 25, 2021 by adamantio999

[richatthecroft]

This has been discussed before, for more ideas/ experiences: