Importing Investment Gold into the UK

[FloJo]

05 July 2021: I just want to share my experience with importing Valcambi gold bars x 2 packs, for under £5k, into the UK. I’m a private collector and have NEVER imported gold into the UK before, but it was approx £230+ cheaper to purchase in EUR & ship to the UK, even after a 2% credit card fee! UPS was the Carrier. I was shocked & scared when they emailed me an Investment Gold Declaration to complete - having never done this before - and reached out to coininvest dot com about what I should do! They told me to sign the form and add the following in my return email to UPS:

“I purchased VAT-exempt investment gold for private use as defined in paragraph 2.1 of HMRC Notice 701/21 and as a consequence I should not be charged any import duties or VAT. The purchase was made as a private customer, hence I will not be able to provide any EORI or similar number.”

I hope my experience will help someone who finds themselves in a similar situation.

Edited July 10, 2021 by FloJo

[ChrisSilver]

Thank you for sharing your experience, I have changed the case of the lettering in your topic title, please do not write all in capital letters in order to fall in line with forum rules and to help keep the forum looking tidy. Many thanks.

[FloJo]

Thank you, Chris. I would appreciate it if you could amend the title to read Importing Gold Into The UK as that is what I meant to say!

[FloJo]

Sadly, I still have not had my gold delivered by UPS! It has been quite a drama, and I don’t know when I will receive my package! Stupid me thought that, once I had completed the Investment Gold Declaration & returned it to them, my package would be on its way to me. I was mistaken! 
 

So, even though I emailed back the completed Form, and added the following in the body of my email - I purchased VAT-exemp investment gold for private use as defined in paragraph 2.1 of HMRC Notice 701/21 and as a consequence I should not be charged any import duties or VAT. The purchase was made as a private customer, hence I will not be able to provide any EORI or similar number. UPS are having none of this!!! 
 

This was their response to my completed Declaration & email - Good Day! I would like to ask if you have UPS account or you want this UPS account to be added in the Postponed VAT Account Scheme. Also, I would like to ask if you have a Deferment Account Number (DAN). If you do not have these information or you do not want to be added in the PVA Scheme, just provide me the complete name and a valid UK phone number of the person who will be paying all the charges. Looking forward to hearing from you. Stay safe and God Bless! 
 

So, folks, that’s where I’m basically at today! I have had no response as to what ‘charges’ they are on about (sad faced emoji)! Their Customer Support helpline was of little use, but the CS person said that they will ask the Customs Team to get back to! I just want my gold! (sad-faced crying emoji) My Order is only for £2,845.47

[greektony]

This is what scares me from buying from the continent now. Good luck. I hope you get everything you ordered without additional fees but please update us with any news.

[FloJo]

Yipee!!!! 😁 My Order arrived today 😎 Even after what happened, I would still purchase from Coin Invest dot com again, as their prices for certain gold bars is £200+ cheaper than the UK sites I previously purchased from!

In today's prices a Valcambi 10 x 1/10 oz Gold CombiBar is £1569.67 from Atkinsons Bullion. It's £1471.77 (includes £33.45 Customs Declaration + 2% credit card fee £28.57 + £14.95 p&p) from Coin Invest so, £97.90 cheaper after all fees!

I purchased Heraeus 100 x 1g gold bar from Bullion By Post for £4657. Had I purchased it from Atkinsons Bullion dot com, it would have been £4425 (£232 cheaper). From Coin Invest it would have been £4552 (so £105 cheaper inc. 2% credit card fees & postage/customs). So, Atkinson wins out with that one!

It pays to shop around but, I'm not buying gold from Bullion By Post ever again. I only started stacking (gold & silver) since March this year 2021, and I have certainly had a rapid, indepth education in the last 4 months (seems longer)! During this time (since March 2021) I've bought silver from the Royal Mint UK, silver from APMEX USA on eBay!!!!!! Plus silver CombiBars from other Sellers on eBay - here in the UK, also Germany & USA! I wouldn't do that now! Atkinsons gives me the best deals on silver 100g combibars.

I've been on a steep learning curve since March but now I've run out of fiat currency and can’t buy anything anymore‼️😂

I hope that someone else will learn from my experience and know that they're not alone in this stacking adventure. FloJo x

Edited July 10, 2021 by FloJo

[Midasfrog]

You should be able to change the title heading by clicking on the three dots on the first page right hand side then select edit then click in the title box change it , then click save 👍

Atkinsons are are very good choice of dealer cheaper than most other dealers , my first choice is the Silver Forum though 👍

[FloJo]

So..... 🤔 you know how I said, ‘I’ve run our of Fiat currency.’ Well.... I plucked some off the “fiat money tree” and bought 5 x 1oz UNA & THE LION Royal Mint silver bars😬 I haven’t told my hubby yet!😬 (so shiny & pretty) I couldn’t help myself!

[Tortoise]

On 08/07/2021 at 12:05, FloJo said:

.........UPS are having none of this!!! 

 

 

This was their response to my completed Declaration & email - Good Day! I would like to ask if you have UPS account or you want this UPS account to be added in the Postponed VAT Account Scheme. Also, I would like to ask if you have a Deferment Account Number (DAN). If you do not have these information or you do not want to be added in the PVA Scheme, just provide me the complete name and a valid UK phone number of the person who will be paying all the charges. Looking forward to hearing from you. Stay safe and God Bless! 
 

So, folks, that’s where I’m basically at today! I have had no response as to what ‘charges’ they are on about (sad faced emoji)! Their Customer Support helpline was of little use, but the CS person said that they will ask the Customs Team to get back to! I just want my gold! (sad-faced crying emoji) My Order is only for £2,845.47

Hi there,

just curious, how did you resolve the problem with UPS and were there any charges?

[FloJo]

Hi Tortoise🙃 UPS just turned up with my delivery a couple days after all the drama❗️There were no extra charges to be paid, thankfully, so I’m pleased with the outcome and would purchase again from coin invest.
 

Whatever doesn’t kill you will make you stronger n all that jazz🤗

[Tortoise]

Hi FloJo,

Glad to hear it worked out well for you.

It is useful to know there were no charges and to have a recommendation.  It will be several months before I make another purchase, but I will bear them in mind when comparing premiums. (They look quite competitive for some coins, assuming I can cope with the stress 😁 ) 

Regards