From UK, how much can I take to Airport Departures?

[very452001]

Hi,

How many ounces of gold/silver/platinum/palladium bullion you allowed to take with you in your luggage and hand cabin luggage to a UK airport for departure? Afterwards when arriving at your destination country do they check again? Also does the bullion metals allowance offset any cash allowance or can you max out these 2 allowances?

Cheers,

[HerefordBullyun]

@James32 can you help as I'm sure youve shipped few tonnes of kilo bars about in your time?

[Silverlocks]

32 minutes ago, very452001 said:

Hi,

How many ounces of gold/silver/platinum/palladium bullion you allowed to take with you in your luggage and hand cabin luggage to a UK airport for departure? Afterwards when arriving at your destination country do they check again? Also does the bullion metals allowance offset any cash allowance or can you max out these 2 allowances?

Cheers,

The UK will let you take anything out, but I think you have to declare it if it's over £10,000.

Taking PM's into other countries will vary with local regulations.  Quite a few countries will only allow .995 or better gold as investment gold, so .900 or .917 coins will attract VAT, duty or other taxes at the border.  EU countries will want to charge VAT on silver or platinum and so forth.  Many will also require declarations above a certain value.

In a lot of cases the restrictions are the same as taking any other goods into the country, and you might be liable for duty if it's worth over (for example) $500 USD.

Bullion metals are almost never considered equivalent to cash when importing into a country.  Your cash allowance will not apply to bullion, but rather it will be treated as goods.  It may have zero rated duty, a small nominal tax, or be subject to VAT or the local equivalent, but it is never considered to be money.  You'll get the rubber gloves if you try to pass Brits off as £100 coins in most jurisdictions. 

Do your homework for your specific destination and any countries you intend to transit through.

Edited October 17, 2023 by Silverlocks

[LiquidMetalsUK]

Wrong thread somehow sorry 

 

 

 

 

 

 

 

Edited October 17, 2023 by LiquidMetalsUK

[very452001]

On 17/10/2023 at 10:14, Silverlocks said:

The UK will let you take anything out, but I think you have to declare it if it's over £10,000.

Taking PM's into other countries will vary with local regulations.  Quite a few countries will only allow .995 or better gold as investment gold, so .900 or .917 coins will attract VAT, duty or other taxes at the border.  EU countries will want to charge VAT on silver or platinum and so forth.  Many will also require declarations above a certain value.

In a lot of cases the restrictions are the same as taking any other goods into the country, and you might be liable for duty if it's worth over (for example) $500 USD.

Bullion metals are almost never considered equivalent to cash when importing into a country.  Your cash allowance will not apply to bullion, but rather it will be treated as goods.  It may have zero rated duty, a small nominal tax, or be subject to VAT or the local equivalent, but it is never considered to be money.  You'll get the rubber gloves if you try to pass Brits off as £100 coins in most jurisdictions. 

Do your homework for your specific destination and any countries you intend to transit through.

Okay how do they know the Bullion metals is worth more than £10k or not. Do I declare the price I bought bullion at or they will look at the current market price? Or do they look at the face value of the silver coin? For example it says £5 on the silver coin legal tender so you sure its seen as goods not cash?

I already paid VAT on Silver so I have to pay VAT again you mean?

How much is the Cash allowance?

[Silverlocks]

1 hour ago, very452001 said:

Okay how do they know the Bullion metals is worth more than £10k or not. Do I declare the price I bought bullion at or they will look at the current market price? Or do they look at the face value of the silver coin? For example it says £5 on the silver coin legal tender so you sure its seen as goods not cash?

I already paid VAT on Silver so I have to pay VAT again you mean?

How much is the Cash allowance?

This is not financial or legal advice.  You will have to do your own research.

By and large, you declare it and if you're obviously taking the p1ss or not declaring stuff you should they will call you out on it. Most of the time you can get away with declaring at spot price.  However, rare coins with a market value significantly over spot may have to be declared at a reasonable market value for the coin (and may be subject to different taxation).  This depends on the jurisdiction and applicable laws, but it is the case with the UK where a typical market value for the coin exceeds 180% of the spot price for the metal.  Other jurisdictions have different laws.

You will have to pay VAT again on bullion where VAT is applicable if you import it into the UK, an EU country or anywhere that charges VAT on it.  There may also be duties applicable. It is up to you to claim the VAT you paid at purchase back at the country of origin, but in the UK you're only likely to be able to do that if you can demonstrate you're buying it for immediate export.

Cash allowances vary by jurisdiction.  I am not sure about anything.  This is not financial or legal advice.  You can try your luck declaring a tube of Britannias at £2 per coin but I suspect customs will look sideways at this.  Feel free to try it and come back with a report on how well it worked. 

If you're going to try this I also suggest you look up how to apply and use oil-based lubes.

Edited October 18, 2023 by Silverlocks

[dicker]

I have travelled with bullion purchased in the US, UK and Australia. 

I haven’t had a problem - but have been honest and careful around cash equivalent values.

Customs do confiscate cash and PM’s if they have a concern - proceeds or crime, funding terrorism etc.

Gold very definitely shows up as interesting on X-Ray at airports.  I know this as I have been asked about what customs in Australia thought were fishing weights.  So they know and no doubt would communicate to the receiving airport.

Best

Dicker