Petition - End VAT on Silver Bullion

rapidly_balding

People who fear losing the value of paper money may wish to invest in precious metals.

In the UK, we can buy Gold with no VAT, but Silver is liable to VAT on top at 15%, going up to 17.5% again in January.

This is not fair, some people are completely priced out of the Gold market now, which makes VAT on Silver all the more unfair.

Canadian Maple coins, UK Britannias and American Eagles coins for example, are LEGAL TENDER yet are also liable to VAT to the Chancellor - this is robbery!

Please sign the Downing Street Petition to end this VAT on Silver once and for all, the more signatures we get, the higher to the top of the list it will go. Please sign, its' in the interests of every investor!




The petition reads:

We the undersigned petition the Prime Minister to Abolish VAT
on Silver Coins and Bullion to bring equality with the No-VAT
position on Gold

In the UK, people have enjoyed being able to invest in Gold
Bullion and Coins with no VAT to pay. However, Silver coins
and bullion suffer VAT at 15%, soon to go up to 17.5% in
January 2010. This disparity is illogical and grossly unfair,
and penalizes people of lower wealth who have now been priced
out of the gold market completely. We ask to Prime Minister to
abolish VAT on silver to bring it into an equal playing field
with gold to allow the less well-off to invest in precious
metals without the inbuilt-loss of 15% (soon 17.5%) the moment
the silver leaves the dealers shop.

[Please search Google for 'Downing Street Petitions' and when you get there search 'Silver VAT' and you can find the Petition, as I new user I cannot post a direct link which is a bit frustrating]

OneADay

Why not charge TAT on Gold and make it fair for all...

DiggerUK

rapidly_balding wrote: »

[Please search Google for 'Downing Street Petitions' and when you get there search 'Silver VAT' and you can find the Petition, as I new user I cannot post a direct link which is a bit frustrating]

Hope this helps you out.

http://petitions.number10.gov.uk/SilverVAT/

Best of fortune.

Aegis

Of course, you could always invest in an ETC. No VAT on those.

rapidly_balding

Aegis wrote: »

Of course, you could always invest in an ETC. No VAT on those.

Unless you have the Gold or Silver in your hand, you do not own it.

The worst case scenarios about fiat currency mean that you would need to take physical ownership of metals. Governments have a habit of stealing precious metal from their own people when things get bad.

Lokolo

rapidly_balding wrote: »

Unless you have the Gold or Silver in your hand, you do not own it.

The worst case scenarios about fiat currency mean that you would need to take physical ownership of metals. Governments have a habit of stealing precious metal from their own people when things get bad.

Do you say the same for cash? I suppose you do not have any bank accounts and such eh?

Aegis

rapidly_balding wrote: »

Unless you have the Gold or Silver in your hand, you do not own it.

The worst case scenarios about fiat currency mean that you would need to take physical ownership of metals. Governments have a habit of stealing precious metal from their own people when things get bad.

Of course you own it. If you have legal rights over something, you own it. If you must have the physical metal because you believe some doomsday scenario is coming, then you'll just have to deal with the VAT on top of the base cost and consider the 15% cost a premium for having your metal in hand instead of in paper form. This same tax applies to almost everything, so it's not like you're randomly being charged on just silver. You're just lucky that VAT currently isn't charged on physical gold.

I really don't see why the system should change to suit you, sorry.

john_s_2

rapidly_balding wrote: »

some people are completely priced out of the Gold market now, which makes VAT on Silver all the more unfair.

If you haven't got enough spare cash to buy some gold (in whatever quantity the minimum amount is you can buy) then it doesn't seem worth it to invest it in anything? And such a small amount certainly won't get you very far when the country collapses (or aliens invade, or the oil runs out, or whatever other calamity might take place).

rapidly_balding

Aegis wrote: »

Of course you own it. If you have legal rights over something, you own it. If you must have the physical metal because you believe some doomsday scenario is coming, then you'll just have to deal with the VAT on top of the base cost and consider the 15% cost a premium for having your metal in hand instead of in paper form. This same tax applies to almost everything, so it's not like you're randomly being charged on just silver. You're just lucky that VAT currently isn't charged on physical gold.

I really don't see why the system should change to suit you, sorry.

How churlish.... There are thousands of Silver metal buyers who are upset at the VAT situation. And yes, if TSHTF then your paper will be as worthless as promises that your Gold or Silver paper contract is worth any more than spit.

You need to learn your history, this comfortable western world you know may change quite beyond recognition.

rapidly_balding

john_s wrote: »

If you haven't got enough spare cash to buy some gold (in whatever quantity the minimum amount is you can buy) then it doesn't seem worth it to invest it in anything? And such a small amount certainly won't get you very far when the country collapses (or aliens invade, or the oil runs out, or whatever other calamity might take place).

Are you serious? There is a real need for small, easily portable rounds or bars of PMs. Gold is fine for some things, and likely to be too much for others. Since we don't wish to start chopping up Gold coins and bars, then silver makes a lot of sense.

But not when 17.5% is given to the taxman. I don't see what your beef is about removing VAT from silver, especially VAT on LEGAL TENDER like Maples, Eagles and Britannia's which is preposterous.

There may be an argument about not panic gentle people with talk of doomsday scenarios, but burying the head in the sand and ridiculing it from any angle is not very mature.

john_s_2

You're so right. I can see the aliens coming up my garden now :-)