Buying silver in the EU

zlorf · 20 August 2016 at 11:13AM

Hi there, I'm looking to invest some of my money in physical silver. I understand there is no CGT on silver 1oz Britain's, so I'd like to invest in some.

I will be travelling to Estonia in the next few months, and understand Estonia does not charge any VAT on silver. As Estonia is in the EU will I have any further VAT or import charges when I return through a UK airport?

From my understanding there should be nothing further to pay, as long as I do not attempt to import over £10,000 worth. Can someone please clarify? Cheers!

zlorf · 20 August 2016 at 11:14AM

Sorry, I meant 1oz silver "Britannias" not Britains

ColdIron · 20 August 2016 at 12:34PM

I'd examine your reasons for buying silver as you would almost certainly be better served by buying gold. Do you realise that you would need about 70 silver Britannias for 1 gold one? Where will you put them all?

markj113 · 20 August 2016 at 9:56PM

Have a look at https://www.silver-to-go.com/en/

Same company as coininvestdirect so well known and trusted.

I also agree with ColdIron - I would consider going gold over silver especially if you are planning in aquiring a significant amount. From experience I am glad I went that way and you cant go wrong with gold sovereigns.

zlorf · 21 August 2016 at 3:30PM

I am definitely going to purchase gold, too. I am going to add some silver as well, so I'm still interested in the VAT question if anyone has the answer. Cheers!

markwilkinson · 21 August 2016 at 3:38PM

You will pay VAT on silver purchases.

shaun_from_Africa · 21 August 2016 at 4:51PM

markwilkinson wrote: »

You will pay VAT on silver purchases.

It depends on the VAT rating of silver in the country concerned.
Estonia is rated at 0% for silver bullion and as Estonia is an EU country, any purchases made there are not liable for VAT when importing them into the UK even though no VAT was paid at the time of purchase.

zlorf, the £10,000 that you refer to is only for bringing cash into the UK from outside of the EU.
Travelling from Estonia into the UK and you can bring in as much as you like.

markwilkinson · 21 August 2016 at 5:05PM

My mistake! You are quite right. I did read the OP yesterday but when I read the second question about VAT I just assumed it was referring to purchases made in the UK and completely forgot the purchase was to be made elsewhere. Apologies OP.

Buying silver in the EU

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free