Under the radar

[chrisdobb]

Being mindful of HMRC requirement of Bullion Dealers to report all purchasers of bullion who spend more than £5000:00 in any twelve month period do other people pay attention to this?

I have been careful to keep below this threshold with dealers and spread my purchases around.

Am I being paranoid or is this good practice?

[MJCOIN]

I thought it was £10k?

[BackyardBullion]

I am of the opinion that if HMRC wanted to know it, they will get that information regardless of dealers reporting purchases or not. These days unless you literally walk into a dealers shop with a briefcase of cash there will be a paper trail of these things. 

I don't see it as a problem.

[chrisdobb]

Yes, I get that HMRC can find this info, my question was is it good practice to "poke a sleeping lion"?

I bet you cannot walk into a dealers and buy for a "briefcase of cash".

[BackyardBullion]

My question to you in response would be - what difference does it make if they know? Do you have something to hide or fear from HMRC?

Not making accusations, but that's the question I ask myself and the answers are, nothing!

[Gordy]

is it not £10,000?

[chrisdobb]

Well, my thoughts and experience are everyone should beware of HMRC.

[Gordy]

32 minutes ago, chrisdobb said:

Being mindful of HMRC requirement of Bullion Dealers to report all purchasers of bullion who spend more than £5000:00 in any twelve month period do other people pay attention to this?

 

I have been careful to keep below this threshold with dealers and spread my purchases around.

 

Am I being paranoid or is this good practice?

 

Its only to comply with money laundering, proceeds of crime act and funding of terrorism act regulations, if your money has been earned or gifted etc legally it doesnt matter... 

[KevinFlynn]

I'd be very interested in state not knowing the amount of precious metals I own.

[dicker]

1 hour ago, chrisdobb said:

Being mindful of HMRC requirement of Bullion Dealers to report all purchasers of bullion who spend more than £5000:00 in any twelve month period do other people pay attention to this?

 

I have been careful to keep below this threshold with dealers and spread my purchases around.

 

Am I being paranoid or is this good practice?

 

With that question, you are almost certainly going to go on their watchlist!

I think that at least one dealer has answered this question previously - around what they do and don’t do with this information.

 

best

Dicker

[chrisdobb]

No doubt already on it!

 

[CosmikDebris]

It's £5000 or more in one purchase or £10000 in one year.

[ArgentSmith]

1 hour ago, Gordy said:

Its only to comply with money laundering, proceeds of crime act and funding of terrorism act regulations, if your money has been earned or gifted etc legally it doesnt matter... 

It doesn't matter until it matters, the US Gold Confiscation US was in force between 1933-1974. Governments have a diabolical record when it comes to abuse of data, the less they know about you the better imo.

[Bigmarc]

Is it the same if you buy a watch or take the family on holiday? 5000 seems a low threshold.

[TommyTwoShots]

I am very careful to keep my yearly personal purchases less than 10k and only in person with cash from dealers.

[CosmikDebris]

13 minutes ago, Bigmarc said:

Is it the same if you buy a watch or take the family on holiday? 5000 seems a low threshold.

That's a very good point. You could use laundered money to buy anything When viewed from that perspective it seems that there could well be an underlying motive in recording purchases of PM's.

[KevjustKev]

Would this be from only one dealer, if so there's not much point. Quite easy to walk to a few dealers in London and buy 10 Sovs from each and pay cash. There's £10,000 gone in one afternoon.

[Arganto]

The money laundering excuse is just that. If it were truly about money laundering it would be focussing on big players and big player amounts. They don't want people playing outside of the monetary system and potentially avoiding tax, and by people I mean the average Joe or Jolene. Big business plays by different rules. Our American cousins have a bill attempting to pass that allows any transaction over $600 to be legally investigated. An unrealistic proposition but it highlights that governments are not there to serve you, they are there to take from you.

That being said if you transact within that system and 'they' really want to dig into your purchases 'they' will. If you trade with a registered business it's very easy, if you trade with an individual and use the banking system there are hurdles in the way for them but it's still quite doable.

If you want to remain as anonymous as possible think about your spending patterns and amounts. Think about whether the fiat goes to individuals or businesses. Don't talk to anyone IRL about PM. You will never be invisible unless you communicate via heavily encrypted means and meet in person to pay with cash or barter (even then it's not a foolproof method), but you can 'pull the hood up' so to speak.

Unless you're a baller with huge amounts and have dodged a tax or two it probably won't matter. But I understand your trepidation.

*I should add for the spooks and algos out there that I trade above board and use the banking system despite my feelings about it. I am a tax payer and have been since I was old enough to work. System still sucks though.

Edited October 23, 2021 by Liam84
*

[Tortoise]

13 hours ago, chrisdobb said:

Being mindful of HMRC requirement of Bullion Dealers to report all purchasers of bullion who spend more than £5000:00 in any twelve month period do other people pay attention to this?

 

I have been careful to keep below this threshold with dealers and spread my purchases around.

 

Am I being paranoid or is this good practice?

 

This is an interesting question.

I have signed up with Clearscore and CreditKarma so I can have a free look at my credit score and help protect me against identity theft, or at least be aware of it if it ever happens.. 

Anyway, I bought a gold Queen's Beast completer coin a few months back from a very reputable dealer in Birmingham.  It was done on-line, using their website and my debit card.  I have found a lot of shops generally only sell on-line and won't take debit or credit card details over the phone.

What was interesting was that they did a 'soft search' of my credit file, to check who I was!   It showed up with one of the credit reference agencies when I checked my report that month.

I am not paranoid, I think I have a healthy attitude to security.

I am sure the government could therefore find out about my purchase if they wanted too, but I am a very long way from either the £5,000 per transaction or £10,000 per year level and probably always will be.

 

[chrisdobb]

The goverment can find out as and when you fart, never mind about anything else, just a pity they seem to miss acting on the bad guys so ofter.

On 23/10/2021 at 11:48, tallthinkev said:

 

 

Edited October 24, 2021 by chrisdobb