UK silver

2003dve said:
theriverscuomoband said:
Hey everybody, first time post here. I was curious to the tax issues present in the UK and after stacking a litttle silver myself I must admit I have become slightly disillusioned with it. I have now turned my attentions to gold. I would much prefer to put my investment into silver as I believe the long term gains could be fantastic, however I just dont think its worth it for UK stackers. The 20% handicap is just too significant i think :(
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Only way I see around it in UK is, buy Silver via Goldmoney or Bullionvault (no vat) then swap to gold when GSR is good, but then what do I know :cool:

Rockin'
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I have had a look at this gold money page and I must say I like what I see with regards to buying silver. I assume the storage fee is fixed at 44 for the year up to 2400 oz. this could be the answer for buying silver without being clobbered for high fees and and Vat. Could then convert when silver goes higher. Can anyone know tell me what I have missed and tell me the cons.
 
gary3029 said:
I have had a look at this gold money page and I must say I like what I see with regards to buying silver. I assume the storage fee is fixed at 44 for the year up to 2400 oz. this could be the answer for buying silver without being clobbered for high fees and and Vat. Could then convert when silver goes higher. Can anyone know tell me what I have missed and tell me the cons.
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On the other hand, that 'conversion when silver goes higher' may end up as a stage that Mr. VAT visits.
According to what I read, in the US it's the case. And Netherland (has to be entered in 'box 3'). I didn't yet came across (didn't actively search for it though) stories in other countries so if someone knows...
Question is whether this is all relevant, you think of chewing out some dollars from silvers market to then buy gold with it, and that's actually not silver stacking but gold stacking. Silvers role is just temporary.
 
markj113 said:
You could also sign up for a goldsavers account (can buy silver too) with no annual fees backed by the largest UK refinery -

http://www.goldline.co.uk/goldsavers.page

If you want physical silver its quite cheap here with cheap shipping rates and no VAT to worry about as they are EU based -

Currently doing Philharmonikers for 22.65 each or 449.71 for 20.

Shipping is only 2.04 for under 165g.

http://www.1oz.si/index.php?route=product/product&product_id=1175
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Little confused on this one. I thought if I bought from UK and had delivered to UK I would have to pay vat at 20% when it came through customs?
 
gary3029 said:
markj113 said:
You could also sign up for a goldsavers account (can buy silver too) with no annual fees backed by the largest UK refinery -

http://www.goldline.co.uk/goldsavers.page

If you want physical silver its quite cheap here with cheap shipping rates and no VAT to worry about as they are EU based -

Currently doing Philharmonikers for 22.65 each or 449.71 for 20.

Shipping is only 2.04 for under 165g.

http://www.1oz.si/index.php?route=product/product&product_id=1175
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Little confused on this one. I thought if I bought from UK and had delivered to UK I would have to pay vat at 20% when it came through customs?
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With Goldsavers you only have to pay the VAT on silver if you convert your savings to physical and take delivery, you also have the option to sell directly back to them without converting to physical avoiding having to pay any VAT.

Could be a good way to play the GSR ratio, save in silver grams, when the GSR improves you sell the silver directly back to them without converting to physical so avoiding VAT and then buy gold grams and convert those to physical and take delivery.

with 1oz.si as its a European country (based in Slovenia) after you have paid the tax over there (included in listed prices) you dont need to pay again in this country.
 
markj113 said:
Could be a good way to play the GSR ratio, save in silver grams, when the GSR improves you sell the silver directly back to them without converting to physical so avoiding VAT and then buy gold grams and convert those to physical and take delivery.
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A Netherland dealer that offers VAT free buying along dealer storage, applies the VAT upon taking delivery.
 
That Goldline looks mega expensive to me, lets take 1oz to buy and sell immediately to see costs. Info taken from respective websites today

1oz silver

Goldline buy price 19.25 redeem price 17.90

Goldmoney buy price 18.54 + 4.24% fee 19.33 redeem price 19.33

Difference 1.43 per ounce

With Goldmoney you only pay fee on way in and not on way out, so if prices rise you get the gain. I guess Goldline is a % so they get their share on rise also, but they dont charge storage.

Also Goldmoney is very liquid and if you sell metal cash is usually in your account the next working day.


Pay ya money and take your pick. Usual mantra applies, if you dont hold it etc etc


If you want to know more about Goldmoney pm me :cool:

Rockin'
 
markj113 said:
You could also sign up for a goldsavers account (can buy silver too) with no annual fees backed by the largest UK refinery -

http://www.goldline.co.uk/goldsavers.page

If you want physical silver its quite cheap here with cheap shipping rates and no VAT to worry about as they are EU based -

Currently doing Philharmonikers for 22.65 each or 449.71 for 20.

Shipping is only 2.04 for under 165g.

http://www.1oz.si/index.php?route=product/product&product_id=1175
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Well have done a small test buy from the site 1oz so we will see what I get stung by when it hits the UK. I will keep you informed.
 
gary3029 said:
markj113 said:
You could also sign up for a goldsavers account (can buy silver too) with no annual fees backed by the largest UK refinery -

http://www.goldline.co.uk/goldsavers.page

If you want physical silver its quite cheap here with cheap shipping rates and no VAT to worry about as they are EU based -

Currently doing Philharmonikers for 22.65 each or 449.71 for 20.

Shipping is only 2.04 for under 165g.

http://www.1oz.si/index.php?route=product/product&product_id=1175
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Well have done a small test buy from the site 1oz so we will see what I get stung by when it hits the UK. I will keep you informed.
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I emailed them a while back and got the following response -

"Hi..

Thanks for your eMail.
Sorry, I don't understand exactly what you mean.
Weighing up to 2 kg I send in a bubble envelope or in a paper box...

Slovenia is located in the European Union so there is no fees or duty to UK.
None of my customers from the UK has never paid any import duties

Thanks and best regards

Robert


NUMIZMATIKA, Robert Petek s.p.
Tel.: 041 699 575
E-Mail: [email protected]
Spletna trgovina: www.1oz.si"
 
From previous experience of bringing silver into UK, it depends on what is declared on package for the customs to see. I have perhaps a 60% success rate of getting small buys through without incurring charges. Touble is when they do collar you it is expensive as you pay the 20% and usually a notification fee!!! We will see with this guy, as I have bought 2oz just to test what happens.
 
Its the same as buying from Germany with vatea or coininvestdirect as long as you paid the VAT in any other European country you don't have to pay again here.

If they do try and charge you just challenge it back.
 
I was under the impression vat was determined by point of purchase rather than point of sale. That is why you place an order in Germany and they place it with coin invest direct so that order came from Germany meaning you only pay 7% vat. Therefore even if vat is 7% if I order from the UK they are obliged to charge me the UK vat rate. I am more than happy to be corrected on this.
 
I think they have limits they can sell abroad hence why you have to use a courier for coininvestdirect.

Vatea you can order and get delivered at 7% vat direct I believe.
 
gary3029 said:
From previous experience of bringing silver into UK, it depends on what is declared on package for the customs to see. I have perhaps a 60% success rate of getting small buys through without incurring charges. Touble is when they do collar you it is expensive as you pay the 20% and usually a notification fee!!! We will see with this guy, as I have bought 2oz just to test what happens.
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+1 for Robert at 1oz, no probs with the couple of purchases I've had and nothing to pay either as its from EU so tax already paid.

Rockin'
 
I am glad that there are many other UK silver stackers. I have just visited the Slovakian website and I have just ordered 1oz "Maple Leaf" 2012 cost Total 25.03 GBP.I will update this thread. The price at my local bullion dealer chards is ridiculousness for this coin
 
rich6666 said:
I am glad that there are many other UK silver stackers. I have just visited the Slovakian website and I have just ordered 1oz "Maple Leaf" 2012 cost Total 25.03 GBP.I will update this thread. The price at my local bullion dealer chards is ridiculousness for this coin
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Rich6666,

Welcome to the forum always good to see more UK Stackers. I see you registered today, so you may not yet have seen previous posts saying that generally Akinson the Jewellers are good for prices.
Chards can be a bit expensive, but they also have some nice stuff.

Rockin'
 
Yes welcome Rich6666. If this site does not have the answer around PM's then there isn't likely to be one.
Would have to agree Atkinson's are a sound bet. Steer well clear of EBay if it is a bargain!!! I suppose the main issue for UK stackers is how to stack silver and avoid the 20% vat. At least it gives us a challenge!!
 
gary3029 said:
I was under the impression vat was determined by point of purchase rather than point of sale. That is why you place an order in Germany and they place it with coin invest direct so that order came from Germany meaning you only pay 7% vat. Therefore even if vat is 7% if I order from the UK they are obliged to charge me the UK vat rate. I am more than happy to be corrected on this.
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If you reside in the UK and even though the goods are despatched from a central warehouse in Germany, CoinInvestDirect, because they are registered in the UK, will charge the full 20%. If you order from a German registered supplier like Vatea or Heubach you will be billed 7% VAT on coins. Once VAT has been paid in one EU country goods can travel free of additional taxes within the EU.
The only way to avoid 20% UK VAT buying from CoinInvestDirect is to arrange collection in Germany.
Unfortunately they charge a fee for this and unless you can get a better shipping rate then they offer, it doesn't appear attractive unless you place a big order. Any questions - just ask. Happy New Year to fellow stackers.
 
rich6666 said:
I am glad that there are many other UK silver stackers. I have just visited the Slovakian website and I have just ordered 1oz "Maple Leaf" 2012 cost Total 25.03 GBP.I will update this thread. The price at my local bullion dealer chards is ridiculousness for this coin
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hello from france to UK stackers,

just for information : is 25.03 GBP for a Maple leaf a good price in UK ?
i see them at 26.75 (about 21.82) vat included but without shipping !!!


thanks
 
Just a quick question about VAT on silver coming in from out side the EU (i.e Channel Islands).

Is it up to us to tell the HMRC about the imports or do they charge when the goods come in?

Only asking as the every time I've had silver come in they have never charged...

The packages are marked up as they should be so have i just been lucky or am I likely to get a knock at the door in a few years?

Cheers :)
 
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