VAT question about Silver

SilverStandard

Can a person get the VAT back on a lot of silver bullion if they are going to use it for something?

SeniorSam

Not really my field, but I seem to recall that bullion over a ceratin amount is considered dealing and would not qualify. Different from regular trading with VAT in and out.

I'm sure trhat the VAT office would help if you give them a call and explain what you have in mind.

Hope this helps.

Sam

SilverStandard

Thanks for that, yes I want to find out what the maximum amount is.

Or you can buy from another country but you cant bring it into the UK then.

Are there any other ideas for buying a lot of physical silver VAT free?

nexuss

In the UK,silver bullion bars are subject to VAT and the rest of the EU,which removes much of their investment potential.The production cost of silver ingots is relatively higher than for gold bars.Most silver bullion bars do not come with certificates,but some do.It is worth watching out for Metalor 1 kilo bars.To get them at the right cost,you normally have to contract for at least half a tonne at a time.

nexuss

US and UK customs are currently watching silver and gold imports/exports very closely due to the current economic climate.The UK prices are more expensive than the US hence plenty of UK investors trying to import silver without paying any taxes and hence smuggling facing very stiff sentences.

SilverStandard

nexuss wrote: »

In the UK,silver bullion bars are subject to VAT and the rest of the EU,which removes much of their investment potential.The production cost of silver ingots is relatively higher than for gold bars.Most silver bullion bars do not come with certificates,but some do.It is worth watching out for Metalor 1 kilo bars.To get them at the right cost,you normally have to contract for at least half a tonne at a time.

Where could I get half a ton please and can you give me an idea of what price in relation to spot?

nexuss

You will need to read up on all this to make sure you do not get scammed and so you understand the relevant HMRC laws.It is a very tough market and you would face a lot of competition from very wealthy dealers.

SilverStandard

nexuss wrote: »

You will need to read up on all this to make sure you do not get scammed and so you understand the relevant HMRC laws.It is a very tough market and you would face a lot of competition from very wealthy dealers.

Can you recomend a place to read up about it?

John_Pierpoint

Are you old enough to remember these days?

http://en.wikipedia.org/wiki/Nelson_Bunker_Hunt

I remember it fairly vividly because at the time I was working for a film processor.

nexuss

You need to start researching yourself if you are going into this line of business.

Yoshua

If you buy 18GBP worth from Gurnsey at a time its VAT free.

At the moment you can get 3 half oz bars or rounds.



If you want a lot like by the tonne, then take your own boat over