USA, Eagles, VAT

[Eddysilver]

Hi everyone,

Im new to the forum and looking for some advice.

I'll be travelling to the states later this year and I've been thinking about buying some silver eagles. 

I've got a couple of questions, if anyone would like to pitch in, I'd really appreciate the advice.

1. Would silver eagles resale easily on the forum/in the UK? Would you be interested if someone put some on here?

2. Who knows how to pay the VAT on silver you bought in America and then flew back to the UK with? Do you go through "something to declare" and pay at the airport? 🤷‍♂️

 

Thanks for any information. 

Eddy.

 

[Junior]

To be honest, not entirely sure how VAT works over there since I don’t live there. However, I would suggest looking into the whole “something to declare” statement.

Not suggesting that this is legal over there, but since many states in the United States have recognized / are re-recognizing that silver and gold are money, then the Silver Eagle can be viewed as actual money since it has a declaration of one USD ($1) on it. Some states have even gone as far as to state that taxes and debts can be settled in silver and gold.

It can possibly be assumed that you may be able to declare a Silver Eagle in terms of a single American Dollar i.e. money and therefore might be able to get around the whole ‘VAT’. Again, NOT suggesting that you CAN do this. Merely suggesting that you look into this since it may be a legal loophole around VAT. I could very well be wrong, but the American constitution does say that only silver and gold may be considered money. This is of course their constitution and it may have no real bearing over there. But you never know unless you ask someone who deals with those kinds of laws.

[TommyTwoShots]

Eagles sell really quickly. I’d buy a tube off you. Pm me if you fancy selling some 👍

[MartinB]

I'd buy some - depends on price 😉

[Centauri167]

I think that because you even have to pay Vat on your UK Britt coins, you will certainly have to pay vat ons ASE coins as you declare them at customs. You can always try to go through without declaring them in the hope they don't catch you and than say that it is just money but I'm afraid that will not be a big help ... 

[sjhdesmond]

You can bring back items (to Great Britain and Northern Ireland) bought on holiday worth up to £390 duty free. If you bring home a single item worth more than your allowance, you will have to pay tax/duty on the full amount, not just that above the allowance.

 

Read more: https://www.which.co.uk/reviews/suitcases/article/duty-free-allowance-a7Tou6T2iaNS#other-goods - Which?

[Eddysilver]

So £390 is the legal tax exception limit. Which is really good to know.

And by the sounds of it, eagles wouldn't be too hard to sell on.

 

Thanks alot guys, really useful information.

I'll keep you in touch.

[Dazlenk]

How much would a Silver Eagle cost to buy over in the States? (in GBP)

[Centauri167]

39 minutes ago, Dazlenk said:

How much would a Silver Eagle cost to buy over in the States? (in GBP)

Just look it up on an online site in the US and convert it in GBP.

Not always, but most of the year I can buy Eagles cheaper in Belgium than in the US, certainly the golden ones, just crazy if you ask me ...

[CANV]

Everyone likes foreign stuff.  Well priced eagles will sell easily on here,  for more than Britannias 

and that applies everywhere.  Except in. Er America.   Where foreign stuff is frowned upon 😉

Edited January 1, 2022 by CANV

[Centauri167]

15 minutes ago, CANV said:

Everyone likes foreign stuff.  Well priced eagles will sell easily on here,  for more than Britannias 

and that applies everywhere.  Except in. Er America.   Where foreign stuff is frowned upon 😉

Correct in the States it's USA first all the way and at the end, why not ...

[Eddysilver]

Good to know. I haven't seen many on here in the short time I'm been using the forum.

 

Classic states.

[Junior]

On 01/01/2022 at 12:03, Eddysilver said:

So £390 is the legal tax exception limit. Which is really good to know.

And by the sounds of it, eagles wouldn't be too hard to sell on.

 

Thanks alot guys, really useful information.

I'll keep you in touch.

So this would be where the legal loopholing would ensue. Is the stated “£390” legal tax exception limit by value of purchase or value of face value?

Follow me here: let’s say one silver eagle costs £25. Then by that metric, you would only be able to bring in 15 eagles maximum (€375) without going over the limit. Not even a full tube worth! And to make it worse, you’d have to remember to get a receipt to prove the price. Or else if silver eagles jumped from £25 to £26.01 before you got them back, then that would put you over the limit (£390.15) and thus you would be charged the VAT.

The legal loopholing that I’m referring to here is the face value of that silver eagle. The face value is $1 (1 USD). So even if you had to do some converting into the Euro, you would still be able to bring in a couple hundred silver eagles. Assuming of course that such a thing is legal to do so. Again, I’m not suggesting you can or should do this, but since many US states consider silver eagles as legal tender, then it could be possible.

If I’m wrong in this statement (which could very well be possible since I don’t live in the UK), then obviously don’t try it. But if there is a legal loophole surrounding this argument, then and only then is it actually worth it to bring the silver eagles back (assuming of course that you are intentionally bringing them in to turn a little profit).

[Centauri167]

1 hour ago, Junior said:

So this would be where the legal loopholing would ensue. Is the stated “£390” legal tax exception limit by value of purchase or value of face value?

Follow me here: let’s say one silver eagle costs £25. Then by that metric, you would only be able to bring in 15 eagles maximum (€375) without going over the limit. Not even a full tube worth! And to make it worse, you’d have to remember to get a receipt to prove the price. Or else if silver eagles jumped from £25 to £26.01 before you got them back, then that would put you over the limit (£390.15) and thus you would be charged the VAT.

The legal loopholing that I’m referring to here is the face value of that silver eagle. The face value is $1 (1 USD). So even if you had to do some converting into the Euro, you would still be able to bring in a couple hundred silver eagles. Assuming of course that such a thing is legal to do so. Again, I’m not suggesting you can or should do this, but since many US states consider silver eagles as legal tender, then it could be possible.

If I’m wrong in this statement (which could very well be possible since I don’t live in the UK), then obviously don’t try it. But if there is a legal loophole surrounding this argument, then and only then is it actually worth it to bring the silver eagles back (assuming of course that you are intentionally bringing them in to turn a little profit).

This discussion was already done in an other topic, if I remember correct, you will probably be screwed by the customs ...

[Eddysilver]

Shame. That would be a great loophole. 

Still, 16 at $32 is $512. About £350.

So might be able to get away with 17.

 

 

Good to know.