Your experiences with safety deposit boxes.

[Ukbullionfan]

So I’m thinking of using one. What’s the best for value for money ? Is it worth it ? Could the outlay go to a sov over the cause of the year instead ? Is it safe from hmrc becasue of capital gains tax etc. does the details of the contents be divulged to them ? Anyway would love some advice on this .

[Shep]

-You don’t have to divulge the contents to anyone although you have to sign an agreement not to keep certain items in them. The only time you would have to divulge the contents is to an insurer if you wanted the contents insured.

-Which brings me on to the next point:  The  contents often arnt insured automatically - this can be rather expensive if you choose to buy it.

-Deposit boxes have no bearing on CGT as that would only arise when selling your metal.

-It’s worth the outlay in the respect you don’t have a pile of PMs hidden at home waiting to get robbed. I’ve had one for years and would never go back to not having one just for the peace of mind it gives me.

-Is it safe from HMRC? Probably not as you have to prove your identity/ address/ inside leg measurements to open one. 

Edited October 12, 2022 by Shep

[LawrenceChard]

1 hour ago, Shep said:

-Is it safe from HMRC? Probably not as you have to prove your ... inside leg measurements to open one. 

31"

😎

[EdwardTeach]

I have no experience but personally I wouldn’t trust a bank to hold it due to the risk of them stealing your bullion if there’s a bail-in when they collapse.

Edited October 12, 2022 by EdwardTeach

[James32]

4 hours ago, LawrenceChard said:

31"

😎

I had you around 5ft 3" with heels on.

[Arcadian]

I'd watch Inside Man with Denzil Washington, Clive Owen, and Jodie Foster, then the Bank Job with Jason Statham and Keeley Hawes, followed by King of Thieves with Michael Caine and Ray Winstone, and then give the idea a miss.

[modofantasma]

17 hours ago, Ukbullionfan said:

So I’m thinking of using one. What’s the best for value for money ? Is it worth it ? Could the outlay go to a sov over the cause of the year instead ? Is it safe from hmrc becasue of capital gains tax etc. does the details of the contents be divulged to them ? Anyway would love some advice on this .

@Shep has covered it nicely. 

It is worth noting that there are pros and cons with every storage option you just have to decide for yourself which is most likely or unlikely to occur in your eyes. 

[Pete]

Just checking my stack last week in London - all gone and replaced with a yuppie bar for private members only.

 

[BullionMan89]

I have one, costs me around £100 a year which I think is pretty good value really. I've never had to tell anybody what is in there although as mentioned there are a list of things you can't store (illegal/dangerous covers all of these things I think). It's mostly for peace of mind really and although the contents are not insured I am very impressed with the security at the vault that I use. Not sure what you mean about HMRC though, they wouldn't know what was in there but when you come to sell you would still have to pay CGT if applicable. 

[Norskgeld]

20 hours ago, LawrenceChard said:

31"

😎

Bragging again... 😁

[LawrenceChard]

20 hours ago, James32 said:

I had you around 5

I don't think so!

😎

[Ukbullionfan]

18 hours ago, BullionMan89 said:

I have one, costs me around £100 a year which I think is pretty good value really. I've never had to tell anybody what is in there although as mentioned there are a list of things you can't store (illegal/dangerous covers all of these things I think). It's mostly for peace of mind really and although the contents are not insured I am very impressed with the security at the vault that I use. Not sure what you mean about HMRC though, they wouldn't know what was in there but when you come to sell you would still have to pay CGT if applicable. 

100 a year ? That’s decent I bet that’s where you live though and not London:(

Does anyone know a good place in London for it ?

[AR03]

1 hour ago, Ukbullionfan said:

100 a year ? That’s decent I bet that’s where you live though and not London:(

Does anyone know a good place in London for it ?

Hatton gardens.... That is/was the safest option😀 😜

[dicker]

Personally not had any issues whatsoever.

 

[Tortoise]

21 hours ago, BullionMan89 said:

I have one, costs me around £100 a year which I think is pretty good value really. I've never had to tell anybody what is in there although as mentioned there are a list of things you can't store (illegal/dangerous covers all of these things I think). It's mostly for peace of mind really and although the contents are not insured I am very impressed with the security at the vault that I use. Not sure what you mean about HMRC though, they wouldn't know what was in there but when you come to sell you would still have to pay CGT if applicable. 

Do you mind me asking who your safe deposit box is with, because I was looking at opening one myself?  Are they nation wide?

Metro Bank in the next town to me provide safe deposit boxes but their smallest is £240 p.a.  I opened a cash account with them as the first step in getting a box, which is required to have a safe deposit box with them.  The account opening was not a smooth process, so I was not generally impressed with them.

Ideally I would like somewhere better than them and hopefully cheaper.  Any info would be welcome.

[MetalMandible]

Does not seem worth it, but my perspective is obviously unique to my own situation.  Surely there are scenarios in which paying a 3rd party beats alternate storage options; for me there would be greater peace of mind going with a reputable non-banking facility as IMO banks are largely untrustworthy in times of extreme economic uncertainty.

[scotwasp]

I reckon it depends how much £value you are going to hold in it.  For me a safety deposit box is always safer than holding substantial amounts of PM’s etc in your house. But if your stash is less than the value of your car, which sits in your drive,  then possibly  not worth the expense. 

one caveat for me though is to remember that “if you don’t hold it you don’t own it “ lol 😂 

worth remembering that there are always alternatives to home  or safety deposit boxes. 

 

[BullionMan89]

Mine is not with a bank, I use St James' safety deposit centre. They have two locations, one in Manchester and one in Leeds. I had to sign up for 5 years to get it down to £100 a year and they do have larger boxes for higher prices but it's pretty reasonable I think

[Petra]

1 hour ago, MetalMandible said:

Does not seem worth it, but my perspective is obviously unique to my own situation.  Surely there are scenarios in which paying a 3rd party beats alternate storage options; for me there would be greater peace of mind going with a reputable non-banking facility as IMO banks are largely untrustworthy in times of extreme economic uncertainty.

Very few if any ordinary high street banks now do safety deposit boxes

[Petra]

34 minutes ago, scotwasp said:

I reckon it depends how much £value you are going to hold in it.  For me a safety deposit box is always safer than holding substantial amounts of PM’s etc in your house. But if your stash is less than the value of your car, which sits in your drive,  then possibly  not worth the expense. 

one caveat for me though is to remember that “if you don’t hold it you don’t own it “ lol 😂 

worth remembering that there are always alternatives to home  or safety deposit boxes. 

 

What sort of car do you drive?🤔😁

[scotwasp]

3 minutes ago, Petra said:

What sort of car do you drive?🤔😁

😂 it has 2 seats and just enough room in the bonnet to transport a single sovereign to my safety deposit box 📦 🚗

[James32]

1 minute ago, scotwasp said:

😂 it has 2 seats and just enough room in the bonnet to transport a single sovereign to my safety deposit box 📦 🚗

Take one of the seats out, more room and less trips needed.

[Toshunya86]

I think in regards to the global context and war coming thanks to our nice elites it s best to not use any storage service. Just my 1 cent.

[EdwardTeach]

16 hours ago, scotwasp said:

worth remembering that there are always alternatives to home  or safety deposit boxes. 

 

Dig a hole and bury it somewhere. Probably the safest place for it really.

 

 

Edited October 14, 2022 by EdwardTeach

[Silverlocks]

16 hours ago, scotwasp said:

😂 it has 2 seats and just enough room in the bonnet to transport a single sovereign to my safety deposit box 📦 🚗

I said paint the porch, not paint the porsche!