Are Royal Mint Gold collectors coins classed as savings?

poppy12345

This thread seems to have turned into an argumentative discussion...

noitsnotme

That’s still not law.  I’m not arguing that there are material differences between bullion and proof coins, it’s all about the quality.

You stated that were legal differences but you cannot back that up with any actual legislation.

You keep seeing what you want to see and it will all be ok 😉👍

HollyNW

Not trying to be argumentative, really would be nice to get some clarification, but if no one actually knows that’s totally fine too.

Its a bit tiresome to keep on pointing out bullion coins are not the uncirculated proof coins issued by the Royal Mint. Then being asked for proof every time I reply.

noitsnotme

poppy12345 said:

This thread seems to have turned into an argumentative discussion...

Yes you’re right and I’m done.  It’s like arguing with a 2 year old!  The OP would get far better answers if they posted on the other forum I stated (and they said they were a member of) but they won’t because they don’t want to hear the facts, just what they want to hear.

poppy12345

I would also suggest posting on the silver forum, where you're already a member and you may get more answers over there. You've already been advised to report the coins on the 2nd page of the thread. Other than that i would have thought after 7 pages of arguing, no one can specifically tell you for sure.

HollyNW

Thanks, appreciate that, but the question was whether I need to report them. And referring to the DWP guidance,

Simply telling me to report them doesn’t answer the question in any way. If I don’t have to declare them, then I don’t need to, the question relates to whether they need reporting.

If no one knows that’s fine, Telling someone to declare something that actually isn’t counted as savings means a potential loss in benefits. That’s quite an irresponsible answer. As is telling members here that proof uncirculated collectors coins are the same as bullion coins, they’re bot and hopefully my links will be of some benefit to those left with the wrong advice.

poppy12345

The reason for advising you to report them was because sometimes there's no specific answers that anyone can give you and the only person that can decide whether they are classed as savings is a decision maker from DWP. I don't see anything irresponsible about that.

HollyNW

If they are reported under the ‘other savings’, you are declaring you have other savings. You will then incur reductions in benefits as a result. And it can only be classed as other savings as it’s not shares, bank account etc. The monetary face value on the coins may just say £5.

If, and it’s an if that’s in dispute, IF they do not need to be reported, then telling someone to report them is irresponsible if it leads to penalties. The question is whether they need to be reported.

It would equally be irresponsible if someone was told to list £5K of jewellery as ‘other savings’ when it’s clear jewellery is given as an example of personal possessions.

If you don’t know the answer that’s fine.

poppy12345

My point is that this maybe one of those times that only a decision maker can tell you the answer. Anyway, i'm done here so i'm out.

HollyNW

That’s great poppy, if no one knows the answer then I can check with the DWP. That isn’t an answer to the question as to whether it’s classed as savings, it’s saying you don’t know the answer to my question so I’ll need to look elsewhere.

I have no problem with that. I have been clarifying for others reading that bullion coins are different and just telling someone to report something as ‘other savings’ is irresponsible when it may not be classed as savings,

If something doesn’t need reporting then you don’t report it, as there’s no requirement for you to do so. That was the entire crux of my question. No one has the answer.