taxes

[gkoogk]

If i buy some platinum coins from germany and pay their tax..do i still have to pay UK tax when they arrive ?

[HerefordBullyun]

3 hours ago, gkoogk said:

If i buy some platinum coins from germany and pay their tax..do i still have to pay UK tax when they arrive ?

yes.

[sixgun]

11 hours ago, gkoogk said:

If i buy some platinum coins from germany and pay their tax..do i still have to pay UK tax when they arrive ?

You should reclaim the taxes before you leave Germany. i have never gone through the process but i know for sure there is a Customs Office at Alicante airport where with the right paperwork filled in, you can reclaim the IVA on goods that you are taking out of the EU. 

https://www.frankfurt-airport.com/en/airport-guide/help-at-the-airport/vat-refunds.html

There is VAT on platinum coins in the UK. Some people might pocket the coins and treat them as cash if they were legal tender - especially if UK coinage. You are allowed to bring in up to 10,000€ in cash (includes coins) without declaring it.

https://www.gov.uk/bringing-cash-into-uk

My issue might be that you are tagged having made a reclaim in Germany and UK customs are expecting you on the other side. Things haven't tended to be that joined up but they might be one day.

Edited June 29, 2023 by sixgun

[Thelonerangershorse]

On 29/06/2023 at 00:44, gkoogk said:

If i buy some platinum coins from germany and pay their tax..do i still have to pay UK tax when they arrive ?

And unless you're buying british legal tender coins you're liable for CGT when you sell them.

[sixgun]

On 11/07/2023 at 21:16, Thelonerangershorse said:

And unless you're buying british legal tender coins you're liable for CGT when you sell them.

Look at the idea of Chattels with respect to CGT - there are some interesting tips to learn. 

[WulfrunCoins]

The tax and spot premium kills purchasing platinum in the UK.

Have you considered buying a Platinum ETF via the stock market instead? It's how I buy & sell platinum & pallidum now.

[MBTPSilver]

Don't forget to ask UK dealers if they have second hand stock available under the VAT margin scheme, might be able to bring the premium down a fair bit.