vat

[craig12]

did try searching this subjest in search box and no results were found

do you think vat will ever be taken off silver , why is it on silver and not gold?

 

will any party be able to stop charging vat or is in for life?

it does sicken you when you read the American sites  ...    this coin plus 2 cents  over spot

will we ever be vat silver free , I know you may reply to   why not buy from stg  I was just meaning  will the uk ever be free of vat on silver

[motorbikez]

 

 

will any party be able to stop charging vat or is in for life?

 

will we ever be vat silver free ,

 

Somehow I doubt it,but didn't I hear Alex Salmond make another one of his fantastic promises to the Scots ,if he gets in he'll abolish VAT on silver coins

[silversword]

VAT is on silver because the powers that be say so. Pretty simple really. There is no justification to apply VAT to one, and not the other.

 

No party will voluntarily do anything to lower their tax income for no real electoral gain, they are usually busy finding more ways to bleed us dry (which does raise a debate about whether tax avoidance is really so wrong after all). VAT on silver does not matter to as many people as VAT on fuel for example.

 

The UK will - as a guess - be bound by the EU laws for the foreseeable future so unless we leave, we'll probably be stuck with the present system for a while.

[craig12]

so why is gold vat exempt

[garthy]

The government regards silver as an industrial metal and gold as a investment metal, last I heard that was their reasoning behind it.

[Pete]

Does the Sherriff of Nottingham care about robbing the grain from starving peasants ?

That sums up VAT.

It is not just silver that is 20% cheaper in the USA - just about everything else is so and salaries are 50% or more higher.

We have a very generous welfare state that is attracting greater & greater interest now from Africa.

We Brits ( and some other EU states ) just love high taxes so we can be so generous.

[silversword]

The government regards silver as an industrial metal and gold as a investment metal, last I heard that was their reasoning behind it.

 

This. Although it is pretty much a case of "because we say so".

 

Both metals are used in industry and both are used for investment, so they should be the same, however this tends to fall on deaf ears. If I were to speculate, it would be because those who make the rules tend to have their investments in gold and don't fancy paying any tax on it. 

[Shamatti]

UK did once charge VAT on gold but changed it to fall in line with the EU I believe - it was bad for economy being the only ones charging vat.

 

VAT is still paid on numismatic gold coins if their gold value exceeds their face value by something like 300% I think - don't quote me on that figure I might have got it wrong. Something like that though. It is the same if you import it. The gold value must not exceed the face value by a certan percent ir it will attract revenue/VAT or something like that. I'm no expert of course! lol

[HighlandTiger]

UK did once charge VAT on gold but changed it to fall in line with the EU I believe - it was bad for economy being the only ones charging vat.

 

VAT is still paid on numismatic gold coins if their gold value exceeds their face value by something like 300% I think - don't quote me on that figure I might have got it wrong. Something like that though. It is the same if you import it. The gold value must not exceed the face value by a certan percent ir it will attract revenue/VAT or something like that. I'm no expert of course! lol

 

It's anything below 180% of spot. Which means most bullion is covered. HOWEVER, if someone buys practically anything from the Royal mint I think you'll find that gold items are regularly priced at more than that figure. But no vat is ever mentioned. Never could work that one out  

 

http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_000108&propertyType=document

[klacey]

Its probably to screw over us 99%er's.

 

Silver is a poor mans gold so add tax to it

 

Gold is what the wealthy will buy so don't tax it. Not going to screw themselves over are they.