Importing Foreign Currency

GazB85

Hi, obviously you can tell I'm new here as this is my first post and thread.

I was wondering if I was to import foreign legal tender coins (American coins, the reason being the Post Office and Bureau de Change's in my area don't offer coins only notes! I'm a coin collector.) would I have to pay tax on them or not?

I've read some where before that if the coin is still legal tender in it's native country then you don't have to pay tax/VAT on it.

Is this true? I'm thinking of ordering them via eBay.

If I did have to pay tax, would having the sender send the coins as a 'gift' avoid tax?

I'm not thinking about importing £100's worth of coins, only say £20-£30 at a time.

Thanks in advance!
Gaz

dzug1

Don't know if they are taxable or not

If they are, marking them as a gift probably won't help - they are still taxable beyond a certain point (£36) and they have actually to be a gift. If the sender is recognised as a commercial organisation the lie will be spotted

Info here - http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&propertyType=document&_pageLabel=pageTravel_ShowContent&id=HMCE_CL_000014#P55_5016

hope it's not a dynamic link or you'll have to search

And if the value is understated then any mail insurance is void