VAT free second hand silver

[StackemHigh]

At what point does silver become second hand?

 

Can a dealer legally buy on the second hand market and still charge VAT on the price of the silver not just the profit?

 

Is there a threshhold on secondhand silver i can bring into britain / eu without tax when returning from other parts of the world?

 

I've had a look at R&Customs website but it's so complicated!

 

Any help would be great.

[Pete]

A dealer that is VAT registered must charge 20% on new silver.

Strictly speaking the dealer should not charge VAT on secondhand silver but the price you pay will likely be the same, as the dealer will increase his margin by the same amount as the VAT. Always worth trying to get a discount but probably unlikely.

 

Customs really don't care whether items are new or used.

They are looking at the value and if they can squeeze some tax from you then that's one of their functions.

An expensive but well worn watch may not be of interest but PMs definitely will, shiny or not.

You have a personal allowance and anything exceeding this needs to be declared through the red channel.

 

I was once charged for the clothes ( used ! ) in my luggage which I had to buy after being robbed in the USA.

I had to write a cheque on a blank sheet of paper as I had no means of paying the tax - bastards !

My error was being honest.

[thesoundman]

I was once charged for the clothes ( used ! ) in my luggage which I had to buy after being robbed in the USA.

I had to write a cheque on a blank sheet of paper as I had no means of paying the tax - bastards !

My error was being honest.

 

Wow nothing add, apart from that really sucks 

[a_a]

Did they check your receipts? Unbelievable jobsworth mentality. I am going to USA next month and plan on buying a coin or two while I am in the wild west, should I put the coins in my hand luggage or pocket?

[ChrisSilver]

In the UK dealers have to charge you VAT on secondhand silver unless they are on the tax system that allows them not to. I believe this only applies to selling collectable coins and not bullion, obviously what is a collectable coin and what is bullion is a bit loose as many collectors collect bullion coins.

In regards to bringing back silver with you when you come back to the UK, you can bring up to your personal limit, it's something pathetic like £360. Not sure exact amount. You will need to check the HRMC website.

Best thing is to buy new silver from Germany / Estonia. Or get stuff posted to you, and hope you don't get taxed, it depends what the value of the item is and the amount the sender declares. Or buy preowned silver from chards, they seem to have good prices.

[thesoundman]

In regards to bringing back silver with you when you come back to the UK, you can bring up to your personal limit, it's something pathetic like £360. Not sure exact amount. You will need to check the HRMC website.

 

 

£390 Limit 

 

Glad they didn't find my $2500 camera I got in the US a few months ago, I had no idea it was so low......

 

Thing is though how would they know you got it out of the country if you binned the box/ packaging etc etc?

[Carpe Diem]

Thing is though how would they know you got it out of the country if you binned the box/ packaging etc etc?

 

by "etc etc" do you mean rammed up where the sun don't shine?  

[Danny-boy]

Thing is though how would they know you got it out of the country if you binned the box/ packaging etc etc?

Because you would do the legal thing and declare it.

[thesoundman]

by "etc etc" do you mean rammed up where the sun don't shine?  

 

 

Erm not really no 

 

[Shamatti]

Did they check your receipts? Unbelievable jobsworth mentality. I am going to USA next month and plan on buying a coin or two while I am in the wild west, should I put the coins in my hand luggage or pocket?

 

One in your wallet, or two if it is a big wallet. And pocket third. Or cabin baggage is also OK. Never ever ever put it in hold bags!!!

[Pete]

Did they check your receipts? Unbelievable jobsworth mentality. I am going to USA next month and plan on buying a coin or two while I am in the wild west, should I put the coins in my hand luggage or pocket?

I did not have any receipts - the "jobs-worth" customs guy just guessed a value and charged me about 20% of his figure.

I have brought coins back from the USA several times.

Never place in hold luggage - this is x-rayed behind the scenes and dishonest baggage handlers can easily help themselves.

I always keep my coins in carry-on and inside a plastic bag which I place in the scanner tray with my iPad.

Never been stopped or questioned as coins are readily identifiable.

If you had a tube of coins hidden inside your bag, it is more likely to be stopped for inspection but at the end of the day these screenings are for explosives not bullion.