Transfer Bullion

Discussion in 'Silver' started by Rick64, Apr 5, 2020.

  1. Rick64

    Rick64 New Member

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    HI Guys, have not been in for a visit for some time, good to see some familiar faces still around.
    I have a question and I thought what better place to get knowledgable answers but at SilverStackers?
    Okay, i may have to relocate to the UK later this year and was wondering if I am able to take my stack with me. About 20k worth. I am also looking at cashing out my super and was wondering if buying allocated at the Perth Mint would be the way to go.
    It would need to be accessible as cash from the UK should the need arise.
    Any thoughts?
    I was also looking at possibly Bitcoin, as I am going to need funds to be portable between countries without too much red tape.
     
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Do a swap for gold here, carry it on your carry on, and then swap back for silver in UK. Might loose a little both way but probably best way to do it. 20k in silver is quite a few kilos but only about 200g in gold.
     
  3. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    Silver attracts a 20% tax in the UK (called the VAT), it’s a killer. Imagine if they did that here!
     
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  4. 66rounds

    66rounds Well-Known Member Silver Stacker

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    It'll be here soon bud. They need to close the bullion loophole to bring in negative rates.
     
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  5. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Seems like gold is vat free. Even more reason to give up silver and stick to gold.
     
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  6. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Ok ... This is an easy one ... I'm a dual citizen myself and as most here know travel to Berlin via UK every year for the World money Fair.

    The best way is to sell what you have and buy Sovereigns here in Australia a few weeks before you leave.

    You then claim the GST on the sovereigns as you leave, creating a 10% refund on your credit card.

    They are legal tender and tax free in the UK.

    You can then trade them for pure bullion at a number of UK dealers.

    ... although living in UK I would just hold the sovs.
     
  7. Sawman

    Sawman New Member

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    That and sales tax here in the states would pretty much kill precious metals as an investment. Terrible.
     
    66rounds likes this.
  8. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Why would anyone pay that or ever divulge that information is beyond me.
    How would the govt ever know what you sell?
     
  9. inmizu

    inmizu Active Member

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    'I was also looking at possibly Bitcoin, as I am going to need funds to be portable between countries without too much red tape.'

    Cryptos are awesome, and suited to this task; but I advise not using them for any significant amounts at all until you have your 'OPSEC' well in hand: setting up and securing the 'Electrum' wallet that you'd be using.
     
  10. Pendragon

    Pendragon Active Member

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    When CK says they are tax free he means no capital gains tax on sovereigns when you come to sell. That is quite a valuable point.
     
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  11. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I thought he meant no VAT tax or import tax when going through UK customs?
     
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  12. XB

    XB Active Member Silver Stacker

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    Yea, that was also what I understood him to mean ....
     
  13. alor

    alor Well-Known Member Silver Stacker

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    vat does not apply to rich cats
     
  14. Pendragon

    Pendragon Active Member

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    That as well. No VAT, and No Capital Gain tax
     
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  15. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I'm trying to work out how this is better than gold kangaroos or cast bars?

    If you're buying sovs from a dealer (to get a tax invoice) you'll pay at least spot +10% GST or more, and then you need to claim the GST back when you're leaving Aust. Why not just get some 999 gold bars and take that?
     
  16. JNS

    JNS Active Member Silver Stacker

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    Partition them for spread :)
    Some for Crypto - then exchanged it to USDT (to avoid price changes) then back to crypto then cash out.
    Some in Gold Gov't issues bullion coins
    Few to be sold for cash, easy to sell them at present time
     
  17. Rick64

    Rick64 New Member

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    Thanks for all your replies guys.
    Will take it all onboard and look into it further.
    Rick
     
  18. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    If you were a tax resident of UK, you'd need to pay capital gains tax for the non-UK (not CGT-free) gold bullion sales.
    "Capital Gains Tax is exempt on all British legal currency. This includes Gold Britannia coins, Silver Britannia coins and Gold Sovereigns. This means you can make an unlimited tax-free profit on investments of any size and value on ALL of these British legal currency bullion coins.

    CGT is payable on all other gold and silver coins which do not fall into the category. All gold and silver bullion bars are taxable."

    That said - there's a £12,000 threshold.
    "Capital Gains Tax is only payable if an investor realises over £12,000 of profit in one financial year. Be mindful that the £12,000 limit is not the total value of selling your bullion but the profit made from your original outlay."
     
  19. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Because you have a special relationship with your bullion dealer and CAN get them below 10% over spot...

    Always try and foster a good relationship... If they are buying for spot or below spot including GST they can make a much bigger markup by selling to you (under 10% above spot) than they ever make on kangaroos.
     
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