hi everyone, im about to take the big plunge as i have some capital spare, the big question im struggling with is the vat on uk purchases, with gold its vat free is it worth stacking silver if the cost is 20% higher? plus the silver is whatever over spot. then on a sale you lose the vat then theres a percentage below spot to sell back sureley silver will have to go skywards to get your money back wont it? some bullion dealers in the uk have free delivery(thank goodness) and come in with some real deal clinchers.....1% off or 2% off certain products ..wowee so in short is silver stacking suited to non uk residents ?
Hi Craig, Im a new UK bullion seller. I can get some very good deals as I buy in bulk from overseas and find I can get coins/bar cheaper than all the current UK markets. I will be happy to help you out on getting the best possibly deal. Feel free to email me. I have sold to a few UK members here already.
Taxes on Gold and Silver Silver Buy = VAT 17.50% Sell = 18% Capital Gains Tax The CGT applies only for bullions and coins wich are not legal tender. DYODD https://www.goldbroker.com/precious-metals-taxes-uk-usa-ireland-switzerland-europe.html HM Revenue and Customs...probably a good start point for further investigations. http://customs.hmrc.gov.uk/channels...ntent&id=HMCE_CL_000104&propertyType=document
I am a UK stacker. Yes you have the VAT built in but thus does not mean you have to loose the 20% selling to private individuals. You only get screwed selling to dealers.
I dont understand the problem. Just buy from Germany or Estonia. 0% VAT and a part of EU so there will be no extra costs or VAT. And if you want to sell, sell on the private market such as ebay and similar , boards etc. As i said, use gold.de or take a look here: https://www.libertysilver.ee
Either only buy and sell privately or (If it's anything like GST) register for VAT so you can get VAT refunds in your quarterly statements. Meaning you have to charge VAT yourself too. But this way you are not holding VAT charge, only in the period to your next quarterly.
If it's tax you want to avoid, then you can still get effectively VAT-free silver from Estonia, for example. You have to pay delivery though and that is sometimes as much as the VAT would be - you need to be a bit clever about how much you buy to maximise the delivery cost-efficiency. If you buy Britannias, then any gains are CGT-free too.
If you are a conspiracy theorist you wouldn't worry. After the markets crash your silver will be worth many times what you paid for it! If not, then it's dodgy. Buy privately for from elsewhere in the EU. Personally, I would say yes, as silver is under valued and will go up in price faster than gold. Plus I expect the markets to crash this year, which will push PM prices right up. But then, I am a conspiracy nutter! lol
Just as a foot note to buying from Germany. Pre Jan 1st and the German tax harmonization on collectible gold and silver, a number of German dealers would only post bullion to the UK that was subject to charging the full 19% V|AT. I have this week placed an order with a German dealer that I had used for a number of years (Geiger-Endmetalle) and in the past I have picked these up from one of other of their showrooms when travelling through Europe - thus net of tax. I noted that now they are permitting online checkout to the UK and are selling bullion net of tax. Conversely coininvest.com is still charging full tax rate to post bullion to the UK, while a number of other dealers are applying Net Margin; ( VAT only applied on the Margin between buying and selling price.) So just a heads up - check the gross price of the coin when attempting any comparison Happy stacking!
