British and on Holiday in Europe buying Silver with Duty Paid and then reclaiming it so it is Duty Free

[ATM]

Hello

Hello

Hello

 

I've just joined the forum to see if I can get any help here.  Now that we have Brexit'ed we can get Duty Free at the Airport.  [I am British obviously and I live in Britain]  We are also eligible to reclaim VAT or Duty paid on goods purchased whilst visiting Europe which we are bringing home to the UK.  I found a couple of websites which explain how it is done.  They say it is easier if the merchant is part of the VAT refund scheme.  So I thought this sounded really simple.  I recently visited a European Country and contacted a few Silver dealers and asked them about this.  None of them knew anything about it. 

 

So has anyone done this. 

 

I'm not talking about Estonia, any country in Europe can sell us Silver with Duty or VAT and then we reclaim it when we return.  I think the reclaim is done at the airport itself.  Not sure.

 

Seems like a good way to get 20% discount or 16.667% depending on how you look at it.

 

Thanks

 

 

[ChrisSilver]

But don’t forget that you will be charged VAT when entering the U.K. so it cancels our any VAT paid in Europe that you managed to get refunded. 

[dikefalos]

You will hardly find a dealer in Germany that quotes you the usual 19% VAT on your invoice. Without this, there is no reclaim at the customs. They use here another scheme, that allows the dealer to quote only VAT between his buying and selling price. And they don't have to show it on your invoice. Not sure, if this is only a german VAT thing on silver coins and antiques. 

[ATM]

7 hours ago, ChrisSilver said:

But don’t forget that you will be charged VAT when entering the U.K. so it cancels our any VAT paid in Europe that you managed to get refunded. 

Why?

 

I don't pay VAT on my Duty Free booze or fags. So why do I pay on Silver?

[ATM]

7 hours ago, dikefalos said:

You will hardly find a dealer in Germany that quotes you the usual 19% VAT on your invoice. Without this, there is no reclaim at the customs. They use here another scheme, that allows the dealer to quote only VAT between his buying and selling price. And they don't have to show it on your invoice. Not sure, if this is only a german VAT thing on silver coins and antiques. 

My dealer in the UK quotes x plus vat = y so why don't European dealers do the same?

[dikefalos]

23 minutes ago, ATM said:

My dealer in the UK quotes x plus vat = y so why don't European dealers do the same?

Cause in Germany exists a special VAT scheme for silver coins, collectables and antiques. Not in the whole EU, just Germany. Like platinum in Belgium is VAT free, we pay 19%. Not everything in Europe is the same.

[ATM]

Just now, dikefalos said:

Cause in Germany exists a special VAT scheme for silver coins, collectables and antiques. Not in the whole EU, just Germany. Like platinum in Belgium is VAT free, we pay 19%. Not everything in Europe is the same.

Understood 

 

But I never go to Germany 

 

I go to Italy, Spain, Netherlands, France, Belgium etc

[modofantasma]

32 minutes ago, ATM said:

Why?

 

I don't pay VAT on my Duty Free booze or fags. So why do I pay on Silver?

You have a certain allowable limit though it isn't an unlimited quantity. 

[modofantasma]

https://www.gov.uk/bringing-goods-into-uk-personal-use

[ATM]

1 minute ago, modofantasma said:

You have a certain allowable limit though it isn't an unlimited quantity. 

Understood 

 

If I buy say 1200 - EUR or GBP - then I get back 200 assuming 20% VAT

 

If I am traveling anyway then the cost of flights is irrelevant 

 

So I make 200 just by buying some Silver and reclaim the VAT

[modofantasma]

https://goldsilver.be/en/84-1-oz-30-gr?orderby=price&orderway=asc

 

Silver Brits £23 an oz... Postage is extra. You order 50 oz say it might come around £24 each with postage... Assuming you manage to get the delivery in the window of time whilst you're abroad. The bag check will almost always do an additional search of the brightly coloured item they can see on the screen, when you declare entering England you'll potentially get the 20% vat bill on the value 

People selling on here at £24 or £25 this past few days 

Your call mate 👍🏽

[ATM]

7 hours ago, modofantasma said:

https://goldsilver.be/en/84-1-oz-30-gr?orderby=price&orderway=asc

 

Silver Brits £23 an oz... Postage is extra. You order 50 oz say it might come around £24 each with postage... Assuming you manage to get the delivery in the window of time whilst you're abroad. The bag check will almost always do an additional search of the brightly coloured item they can see on the screen, when you declare entering England you'll potentially get the 20% vat bill on the value 

People selling on here at £24 or £25 this past few days 

Your call mate 👍🏽

Ok thanks

 

I wasn't thinking 50

 

So how many can you get through bag check without getting charged the 20% or is that down to luck on the day?

[modofantasma]

10 hours ago, ATM said:

If I buy say 1200 - EUR or GBP - then I get back 200 assuming 20% VAT

 

2 hours ago, ATM said:

 

I wasn't thinking 50

With your 1200 - EUR OR GBP example 50 oz is about best case. 

Go to the gov website I shared above and fill out the calculator and let us know what it quotes? 

 

[bluffer]

On 16/03/2022 at 20:15, ATM said:

Understood 

 

If I buy say 1200 - EUR or GBP - then I get back 200 assuming 20% VAT

 

If I am traveling anyway then the cost of flights is irrelevant 

 

So I make 200 just by buying some Silver and reclaim the VAT

dont think the limit is anywhere near that. as for the chances of being stopped - who knows. but if you are over the limit they will get you to pay the tax on the TOTAL VALUE, not just what you are over.