Purchase limit of gold for private individuals?

[ShineyMagpie]

An interesting discussion ongoing here, been good to hear people's thoughts and opinions.

[JohnA1]

Tangent to the discussion, I went to deposit on the cash machine a few hundred squid the other day, and the machine counted the 20s, was happy, then spat them back out with the receipt saying at the bottom 'do_not_honor'

Hmmm..🤔

I had seen that before with their cash machine (inside the bank premises) and thought it was a technical quirk.

This time I asked at the till, and she said that I've exceeded my annual limit of cash to deposit through their cash machines.

I had never heard of such a limit, so pushed further - she said it is 10K April to April. Is that Santander only?

Hmmm...😒

[ZRPMs]

@JohnA1 Wow, Might be just Santander or the type of account. Thin end of the wedge though. Cashless in how many years?

[JohnA1]

Had the account for over 10 years.

It is not my main one, but still shuffles along every month with some direct debits and wotnots..

I suspect other banks follow similar directives..

Edited January 6, 2023 by JohnA1

[MonkeysUncle]

2 hours ago, JohnA1 said:

 

I had never heard of such a limit, so pushed further - she said it is 10K April to April. Is that Santander only?

Hmmm...😒

That's a new one on me.

I was advised, not long before Covid, by a helpful Lloyds Bank lady to deposit cash in amounts under £3,000 to avoid attracting attention; I believe that figure was the mark they were obliged to notify HMRC. Their followed several deposits of £2,900 over successive dates. 

Nowt dodgy, an elderly gentleman simply paid cash for a second hand motor. Old boy didn't trust banks. Wise man.

[JohnA1]

I suspect they don't allow more than 10K in the financial year through the machines so that the teller will have the option to file a Suspicious Activity Report.

They have been trying to make it gradually more and more painful to use cash.

I'm sure they have our own interests in mind, blessem.

I was told a couple of years ago that banknotes carry viruses/bacteria/parasites/whatever. Same as coins. Silly ancients, they thought copper/silver had antibacterial properties. But hey, they didn't have access to "the science"

[Bigmarc]

8 minutes ago, JohnA1 said:

They have been trying to make it gradually more and more painful to use cash.

Yes to be honest I find it more of a pain now. The only thing I use it for is car boots in the summer and have to go to the cash point if we want a take away round here. 

28 minutes ago, MonkeysUncle said:

was advised, not long before Covid,

As the COVID drama was unfolding I thought it would be handy to have a little cash in the house. I emptied a account I had and they paid me 5 grand in 20s (I had to order it but was no problem). Then during the pandemic the whole country went cashless, we went on three holidays over the space of a year or so and was almost impossible to spend it. Center parks are completely cashless now, we hired a cottage in bath and all around that area was cashless, pubs restaurants were card only. So I decided to put the money into my son's account. The problem was the new 20 had come out and I had left it a while so I was trying to deposit 4 ish grand in old 20s. Loadsa question asked and felt like a crook. 

[sixgun]

i have been asked by Atkinsons for my details in case HMRC wanted them.
Most of my metal has been from non-UK dealers or off the forum. i would expect most is off the forum - strangely whenever i buy off the forum the seller wants to know my name and address.
Who gives a tinker's toss what HMRC knows - all my metal is at the bottom of the sea after a tragic boating accident - if they want to send divers down to retrieve it, good luck to them.

[Earthmetal]

The whole thing about the extra triple layered  "protection" and proving who you are is just more control. It's not about money laundering, or criminals, and it certainly isn't there to help us or keep us "safe" (latest buzz-word).

More control = more power = more profit.

Cash is king, use it more than you used to, use it wherever possible. Walk away from any and all businesses that are cashless. Do not comply.

Encouraging cards is encouraging debt, they're quids in

 

[JohnA1]

...plus they can press a button and "poof...it's gone"

[bluemoon]

If you only need to keep records for 7 years, what happens when you liquidate all your gold for fiat or a house 10 years after your last gold purchase? Surely they would want that explained?

[JohnA1]

I see this as slave mentality.

Why would I have to prove anything to anyone?

If they can prove there has been foul play, they have to make a move

[Bigmarc]

12 minutes ago, bluemoon said:

If you only need to keep records for 7 years, what happens when you liquidate all your gold for fiat or a house 10 years after your last gold purchase? Surely they would want that explained?

And what qualifies as proof of ownership? If you sell something do you prove where it came from? 

[JohnA1]

The whole idea of physical is the elimination of counterparty risk.

Are we going to volunteer introduction of counterparties because of a politician's interpretation of his role?

[bluemoon]

24 minutes ago, Bigmarc said:

And what qualifies as proof of ownership? If you sell something do you prove where it came from? 

I get that, but I also know how unfriendly the bureaucratic pen pushers are when it comes to money. I'd love to liquidate lots of gold without hassle, but I can't see a gormless bank clerk accepting at face value that I liquidated 50k of gold I bought over 7 years ago and to stop interrogating me over where the money came from.

Similarly if I buy a house with that liquidated gold, they want to know the source of the cash. Will they just accept it came from liquidated gold I bought over 7 years ago? I doubt they'd give me a free ride over that.

Maybe I'm too paranoid.

[ZRPMs]

@bluemoon It's true, When my sister and I were preschool age. My father had opened bank accounts for us to put in birthday and Christmas money. He had an investigation and one of the questions they asked was where on earth the children had managed to amass all this money from. My father at this point had had enough and said we had managed to secure some jobs at the local hotel. Me as a porter and her as a maid cleaning the rooms and that the tips had been particularly good. They were not impressed and didn't see the funny side. We were both under 3 and I think there was less than £80 in both accounts. It turned out he had over paid his tax and was due a refund.

I asked the accountant and he said just keep good records. If you have the room just keep them. If not try to find the room in the loft. You have it then in case it's a case of guilty until you prove your innocence. It seems this is the way its going. 

[dicker]

1 hour ago, sixgun said:

i have been asked by Atkinsons for my details in case HMRC wanted them.
Most of my metal has been from non-UK dealers or off the forum. i would expect most is off the forum - strangely whenever i buy off the forum the seller wants to know my name and address.
Who gives a tinker's toss what HMRC knows - all my metal is at the bottom of the sea after a tragic boating accident - if they want to send divers down to retrieve it, good luck to them.

I am sorry to hear of your loss.  Many here are in the same boat….

[Bigmarc]

Remember only fools and horses with the Victorian egg timer. If rodders hadn't started book keeping they would have been stuffed.

[pricha]

🤫🚣‍♂️🙄

[pricha]

Just now, pricha said:

🤫🚣‍♂️🙄

 

[pricha]

I was chatting to a few people recently and they all agreed you don't see so many sovereigns around as you used to. One a antique shop owner. Another who use to travel locally looking in  various places.  I used to always pick some nice items up at the Gateshead antiques fair. Recently nothing but a few overpriced crowns. I think a lot of Gold disappeared after the 2008 crash. When there was 'we buy gold stall ' in every shopping centre in the country. My guess is most of that went abroad. I'm amazed the government haven't taken any interest in what people may have. If they started sniffing I'd get rid of anything modern and keep the old collectable stuff. 

Edited January 6, 2023 by pricha

[ZRPMs]

9 minutes ago, pricha said:

I'm amazed the government haven't taken any interest in what people may have. If they started sniffing I'd get rid of anything modern and keep the old collectable stuff. 

It's started. Tracking is the first step. Let the masses get ok with that. Let's aim for cashless along with this, it's easier to track a digital foot print, eeerrr. I mean, Its more convenient to use your card. Don't worry about the data we collect. We'll look after it. There is the data protection act. 

[ZRPMs]

Just thought I'd up load my most recent picture.

 

[Stuntman]

23 hours ago, Bigmarc said:

So how do they know how much you came in with? If you cash out with 10 grand but took 10 grand in with you, would they report you when you have effectively made nothing? 

Regarding the casinos - they don't know how much you came in with.  I doubt if they link your cash purchases of chips with your actual membership.  The most recent place I played at (November 2022) certainly didn't ask for my membership card when I cashed in and cashed out. 

That night I cashed out £60 more than I cashed in, which was one of my more successful visits (I generally play the tables with the best rules, and bet the minimum stakes) so I'm hardly likely to trouble their accounts.  But if I wanted to pass a larger amount of money through them for whatever reason, I think I would be able to do so without undue hassle.  Many players at the table bet much larger amounts, although many of them tend to be more regular losers as they haven't learned how to play perfect basic strategy, never mind any sophistications on top...

Edited January 6, 2023 by Stuntman
spelling

[Petra]

1 hour ago, pricha said:

I was chatting to a few people recently and they all agreed you don't see so many sovereigns around as you used to. One a antique shop owner. Another who use to travel locally looking in  various places.  I used to always pick some nice items up at the Gateshead antiques fair. Recently nothing but a few overpriced crowns. I think a lot of Gold disappeared after the 2008 crash. When there was 'we buy gold stall ' in every shopping centre in the country. My guess is most of that went abroad. I'm amazed the government haven't taken any interest in what people may have. If they started sniffing I'd get rid of anything modern and keep the old collectable stuff. 

Last time I went to my local antiques fair I spotted half a dozen or so sovereigns at a rather iffy looking stall. I stopped and asked him his prices, they weren’t brilliant, but he then said, what year do you want? He called his wife over and she pulled out a large Tupperware container full of sovereigns, tipped some out and said, what do you want and how many?

From there, I stopped at another stall that had some coins out, whilst talking to him he said that neither he nor any other coin dealer he knew had any idea where this other guy got his sovereigns as they were having trouble finding any!🤔😮