Brexit.

[Martlet]

26 minutes ago, ilovesilverireallydo said:

I think upon leaving Brexit we will probably see a return on VAT even on investment gold. From Mark Mason, who tried to challenge and failed several times: 

 

the Coinage Act supersedes VAT rules  - although challenging the HMRC will never go anywhere. 

Whats the reason for this believe though?  Seems based on fear rather than anything substantive, certainly the industrial use argument applied to silver does not apply to gold, which is why we end up with it removed from VAT in the first place.  As i understand it, VAT was originally introduced on gold coin to prevent some fairly long winded VAT fraud, due to gold bullion being included in VAT in the EEC VAT regulations.  If we simply maintain all bullion are an investment, the reason for which it was removed from VAT, then there's no reason to reapply VAT.  I gather sovereigns were never VAT rated, maybe an older member can clarify that? 

End of the day, VAT rules are directed by EU currently and once we leave they will be open to change.  The current mood if for less tax (at least on import) and to control our policy, so government would want to be seen to be improving not applying new taxes.

As for the Coinage Cat superseding VAT, I would agree that it should, however the current evidence is otherwise.  Possibly because VAT law comes later in 1994 and HMRC carries a bigger stick than Royal Mint.  It may take deep pockets to challenge it fully.

[sixgun]

i do not expect Brexit to happen. The way the government is behaving they have no intention of coming out, this is just a drama to make the people think something will happen. We could have been out within the year we voted out. We take the £billions the EU owes us and adopt World Trade Rules. We could adopt/adapt the legislation which allegedly works for us and bin the rest.

Everyone keep collecting gold and silver, there is nothing we can do at the moment but we can keep stacking.

[Bullionbilly]

7 minutes ago, sixgun said:

i do not expect Brexit to happen. The way the government is behaving they have no intention of coming out, this is just a drama to make the people think something will happen.

My thoughts too

[RoughDog]

Maybe.  I'm not sure they actually wanted Brexit but gave people a vote so they could win the election.   I know they don't like the European human rights laws, they are always moaning about them.  I also think they expected a remain vote.

All seems like a waste of time and money to me.

I hope gold doesn't get VAT applied.  Great for those that already have lots I guess.  Would imagine an almost instant second hand market Ebay price rise of 20%.  Nice Brucey bonus for retired sellers.

 

[Moi]

Kind of feel sovs will be exempt in any event. There s quite a long-standing tradition of being a solid investment immune to the sticky fingered taxman. Plus a prestige coin for brit land can't imagine the powers that be want them seen to be un favourably pricey. Who knows really, though silver is appealing right now anyway.

[Silviam]

Personally I'm more worried about the EU collapsing completely, weakening NATO, and Russia swooping in on Europe like a fly on excrement. Hopefully that day never comes