Bringing Gold Bullion Back to UK

[fastrhino]

I am a British expat thinking of returning to the UK.

I want to hand carry my gold bullion bars (80oz) to the UK.

Will I be liable for import taxes on gold bullion which is essentially my life savings.

From what I have researched it is not subject to VAT as it is investment grade bullion.

I would hate to get it confiscated by customs when I go through customs and excise at the airport.

 

[UKStacker]

It would need declaring the same as cash over 10k I believe.

Not sure beyond that.

[Gildeon]

Apart from customs, I wouldn't feel very comfortable carrying 80 ounces of gold on me, in one go... 🙄

[MickB]

Would it be easier for you to sell most of it & then buy it back once in the UK?

[StackSellRepeat]

On 21/04/2019 at 09:43, MickB said:

Would it be easier for you to sell most of it & then buy it back once in the UK?

.

[fastrhino]

3 minutes ago, StackSellRepeat said:

In oz you get offered way less on PM than you would here in the uk from my understanding, plus I’m assuming one would save on fees shifting currency from point A - B. I have no clue if you’d get charged any custom fees on gold/sovereigns but if you can trade your 80 oz of gold bars for sovereigns straight trade or at a minimum premium in Australia, You’ll have a less of a hard time in exchanging for £’S if you decide to let them go & im sure most forum members would take them off your hands plus offer you more than the dealers would 😉👍 (Just a thought @fastrhino).

Ironically gold coins and bullion is tax free in australia except Sovereigns / Krugerrands and US Eagles which attract 10% GST (like VAT) because they are not regarded as investment grade gold at 22kt.....go figure 🙄

[StackSellRepeat]

Just now, fastrhino said:

Ironically gold coins and bullion is tax free in australia except Sovereigns / Krugerrands and US Eagles which attract 10% GST (like VAT) because they are not regarded as investment grade gold at 22kt.....go figure 🙄

I wasn’t aware of this, I’m sure you’ll have local dealers/stackers who would trade out their 22k sovs for .999 grade gold probably at no cost if you go the right way along  

[Wolves]

This may be a good place to look http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000104&propertyType=document

[DarkChameleon]

On 21/04/2019 at 04:52, StackSellRepeat said:

In oz you get offered way less on PM than you would here in the uk from my understanding, plus I’m assuming one would save on fees shifting currency from point A - B. I have no clue if you’d get charged any custom fees on gold/sovereigns but if you can trade your 80 oz of gold bars for sovereigns straight trade or at a minimum premium in Australia, You’ll get less premium for bullion grade in large quantities as such when exchanging for £’S to the dealers & if you decide to let them go & im sure most forum members would take them off your hands plus offer you more than the dealers would 😉👍 (Just a thought @fastrhino).

You ever watched Goldfinger?....to pay taxes in one country to then move it to a higher taxed country is illegal if not declared.

[StackSellRepeat]

1 hour ago, DarkChameleon said:

You ever watched Goldfinger?....to pay taxes in one country to then move it to a higher taxed country is illegal if not declared.

Nope never seen Goldfinger, wasn’t aware of the above was illegal just though I’d give what I though was genuine info..... But wouldn't want any one getting in trouble, Post has been erased 👍

 

 

[sixgun]

There is no VAT on investment gold in the UK - so you won't get hit with that.

There are people on the forum - @mr-dead who have imported some gold bars - so i don't believe there is any import duty on investment gold but would make 100% sure and ask the question of HMRC.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/customs-international-trade-and-excise-enquiries

It looks like there is a webchat.

[mr-dead]

I can confirm I have shipped a wad of gold from Canada to the UK and there are no fees or taxes due on investment grade gold.

I just had to sign a declaration for FedEx confirming it was investment grade therefore exempt.

[silenceissilver]

I only ever had a one ounce gold coin, along with two similar size silver coins, one bullion, one numismatic, in my hand luggage at the airport. No one took any interest in that, although I could see the one ounce gold coin in the monitor of the hand luggage scanner. It was a trip with more than one flight and at one airport (I think at the last flight from the continent to the UK but not 100% sure anymore) they asked me if I had metals and other things I cannot remember (just before the hand luggage scanners), which I honestly answered with yes. They asked what it was, I said PMs and  they didn't care or ask any further questions. But of course 80 ounces is a completely different matter. I would consider trying to disguise them as costume jewellery if I knew there were import duties. (But of course in the end I wouldn't go for this as I would never try to cheat the government-Mafia.)

[DarkChameleon]

19 minutes ago, silenceissilver said:

I only ever had a one ounce gold coin, along with two similar size silver coins, one bullion, one numismatic, in my hand luggage at the airport. No one took any interest in that, although I could see the one ounce gold coin in the monitor of the hand luggage scanner. It was a trip with more than one flight and at one airport (I think at the last flight from the continent to the UK but not 100% sure anymore) they asked me if I had metals and other things I cannot remember (just before the hand luggage scanners), which I honestly answered with yes. They asked what it was, I said PMs and  they didn't care or ask any further questions. But of course 80 ounces is a completely different matter. I would consider trying to disguise them as costume jewellery if I knew there were import duties. (But of course in the end I wouldn't go for this as I would never try to cheat the government-Mafia.)

Easy cheating would be like wearing jewelry on the way out with fake coins and then replacing them with the real deal on the way back...I would wear my coin jewelry when I vacationed years ago and could have done that as you can get george n dragon coins and then replace them with sovs and make some money from those plated junksters.

[fastrhino]

On 23/04/2019 at 04:57, sixgun said:

There is no VAT on investment gold in the UK - so you won't get hit with that.

There are people on the forum - @mr-dead who have imported some gold bars - so i don't believe there is any import duty on investment gold but would make 100% sure and ask the question of HMRC.

https://www.gov.uk/government/organisations/hm-revenue-customs/contact/customs-international-trade-and-excise-enquiries

It looks like there is a webchat.

I have sent them an email to be sure, I believe it has to be declared but no duty is payable.