I left oz a few years back, and whilst in the uk, sold my house in Oz and converted some of the profit to gold which has been stored in queensland. I'm returning to Oz next month for a holiday and thinking of bringing my PM back with me. My question is will I have to pay any tax when I leave? Will I have to declare it when I leave? Am i likely to have any of it confiscated? And will I have to declare/pay tax when I come back into the UK? and /or is it likely to be confiscated on my return? Also which would be the safest airport to transit through? Any advice anyone can give would be every much appreciated. Anglox
That's a very good idea. i could buy it on the same day I sold it. Would I have to pay the oz govt capital gains if I am a non resident for tax purposes? I think not as I was also non resident when I bought the Gold.
Depends what form it may be in. The import duty rate for importing Gold bullion, gold bullion into United Kingdom is 0%. There is no VAT if it is investment grade purity "2.2 Exemption The following supplies are exempt: (a) A supply of investment gold. (b) A supply which confers the right to take possession of investment gold. This includes supplies of unallocated investment gold (see section 16), loans, swaps, forward and future contracts concerning investment gold. This does not include options. Also see Notice 701/9 Derivatives and terminal markets. (c) A supply of services by an agent which consists of attempting to bring about a supply within (a) or (b) above for a named principal, whether or not the agent is successful. 2.1 What is investment gold? Investment gold is: (a) gold of a purity not less than 995 thousandths that is in the form of a bar, or a wafer, of a weight accepted by the bullion markets; (b) a gold coin minted after 1800 that: is of a purity of not less than 900 thousandths is, or has been, legal tender in its country of origin, and is of a description of coin that is normally sold at a price that does not exceed 180 per cent of the open market value of the gold contained in the coin, or (c) an investment gold coin as specified in Notice 701/21A Investment gold coins. Unallocated: gold and gold coins are unallocated if they remain as an unidentifiable part of a larger stock held by a supplier. The supply of unallocated gold or gold coins is a supply of a service for VAT purposes. This service is a financial service for the purposes of the Value Added Tax Act 1994 Schedule 5; it is not, however, an exempt financial service under Group 5 of Schedule 9. Transactions in investment gold may be exempt under Group 15 of Schedule 9. "
https://www.gov.uk/government/publications/vat-notice-70121-gold Personally if it is bullion I would contact customs to double check it is 0%/0% bring it and declare it. Like I say it depends on what it is. IF jewellery or non investment coin then you could face VAT and import duty.
If only the GST legislation here in Australia was amended to include this passage! No GST on almost any gold coin you can source, even if its under 0.995 fine.
I have been trying to find out as much of this as possible, I am yet to get a clear answer but this is what I have ascertained so far, some of it from here. However there is no law that says you cant take your stash out of the country. I would ring the ATO and ask them, but I am paranoid such questions would lead to some scrutiny later. - My question is will I have to pay any tax when I leave? This triggers a CGT event (i believe), so you might have to pay capital gains tax. < This is the big one for me, no sorry, a bloke i met in the pub, who wants to do that later in life when he retires. - Will I have to declare it when I leave? Nope! But you must declare it if a customs officer asks you. This may also depend on how he words the question. Am i likely to have any of it confiscated? There is a very good chance it will be confiscated IF the customs officer asked you, and you did NOT disclose it. They would be thinking you are trying to avoid AML/CTF reporting. Also when you go through the Xray scanners, they may see your stash, but these guys are security, not customs. So really they couldnt give a dogs bollocks. On the other hand I am wondering if these security people have any obligation to discretely report to customs officers anything they see that may be suspicious, like hiding a few kilos of gold up ya jumper.
I guess it comes down to how much you have... if it's a few oz, you can give it a go, but if you have say a kilo worth, is it worth the risk? I don't know, personally if I had a large amount (worth say a kilo), I would not risk it. It only takes one custom or security guy to wonder about what this is for and where you got it or what you want to do with it, to create a world of trouble for you. You need to take purchase receipts with you, so that you can at least show you have purchased it. If it's under the 10k threshold (provided the UK has the same threshold), you would maximise your chances of keeping it simple. Please note I don't have any experience with this, there are only my 2 cents.
