Gold and brexit.

[RoughDog]

Everyone fav subject and apologies if in the wrong section.  What are people doing about gold purchases before brexit. It's looking like a certainty in the near future now.

Boris sounds like he not messing around.

Anyone worried we may lose the VAT free status and getting a purchase in before hand?

Thoughts?

[5huggy]

NOPE - BUT LOAD UP in next couple of weeks with "VAT FREE SILVER" from Europe - likely to be LAST!

IMHO

[diesel]

I'd like to think Gold purchases would remain untouched, with other more pressing issues being at the forefront.

[JunkBond]

Not worried, I am expecting a soft Boris Brexit with close alignment and little change.

[AppleZippoandMetronome]

2 minutes ago, JunkBond said:

Not worried, I am expecting a soft Boris Brexit with close alignment and little change.

My thoughts as well

[motorbikez]

@RoughDog  Nope can't see it, maybe down the line we'll get VAT free silver from the US😄

[RoughDog]

2 minutes ago, motorbikez said:

@RoughDog  Nope can't see it, maybe down the line we'll get VAT free silver from the US😄

That will mean I paid even more for some of my silver 😂

[motorbikez]

Just now, RoughDog said:

That will mean I paid even more for some of my silver 😂

I wouldn't cry too much pal it will probably be a few years before that happens if at all, but its a possibility.

[sixgun]

20 minutes ago, motorbikez said:

@RoughDog  Nope can't see it, maybe down the line we'll get VAT free silver from the US😄

VAT is levied by HMRC - it doesn't matter where the silver comes from it is HMRC who charges the VAT. They aren't going to VAT exempt silver from the US and charge it on EU silver. 
The issue should be we get HMRC to apply the correct rules. Collector items of numismatic interest are 5% VAT at the border - numismatic collectible code 9705000000 - Most of my silver is collector items of numismatic interest. We aren't paying spot price we are paying way over spot for silver coins and medallions - so this is not plain Jane silver. As a group we need to make sure the customs declarations are correct and reclaim the VAT and keep reclaiming it.

 

 

[BackyardBullion]

Transition period will be next, December 2020 is the current thinking for VAT advantage silver - assuming nothing changes (a dangerous assumption based on recent history).

Won't change much for my gold buying plans and goals over the next few years though.

[Martlet]

No one is going to be campaigning to add VAT to gold, so it wont be getting VAT.

[motorbikez]

1 hour ago, sixgun said:

VAT is levied by HMRC - it doesn't matter where the silver comes from it is HMRC who charges the VAT. They aren't going to VAT exempt silver from the US and charge it on EU silver. 
The issue should be we get HMRC to apply the correct rules. Collector items of numismatic interest are 5% VAT at the border - numismatic collectible code 9705000000 - Most of my silver is collector items of numismatic interest. We aren't paying spot price we are paying way over spot for silver coins and medallions - so this is not plain Jane silver. As a group we need to make sure the customs declarations are correct and reclaim the VAT and keep reclaiming it.

 

 

Yes I know that pal, but I mean when get a trade deal with Trump/US we may or may not get various things that are tax free between the two countries, silver may or may not be included, think positive  now Boris has a free hand😎  + we could always lobby Boris re silver.

[sixgun]

6 minutes ago, motorbikez said:

Yes I know that pal, but I mean when get a trade deal with Trump/US we may or may not get various things that are tax free between the two countries, silver may or may not be included, think positive  now Boris has a free hand😎  + we could always lobby Boris re silver.

A trade deal would be about tariffs - that is duties on different goods from different places. By my understanding VAT is not a duty.

[motorbikez]

@sixgun  I understand that ,we could still lobby Boris for VAT free silver platinum etc like gold.

[AuricGoldfinger]

I don’t think VAT will be added to gold. I also don’t think VAT will be removed from silver. The government isn’t going to encourage anyone to put their wealth into something outside of the system.

[diesel]

40 minutes ago, AuricGoldfinger said:

I don’t think VAT will be added to gold. I also don’t think VAT will be removed from silver. The government isn’t going to encourage anyone to put their wealth into something outside of the system.

100% this. When Brexit is sorted and the Tories have pumped enough money into the NHS to keep the public happy they will then move on to schools etc, the silver and gold market is near bottom of the list. 

[sovereignsteve]

5 hours ago, sixgun said:

A trade deal would be about tariffs - that is duties on different goods from different places. By my understanding VAT is not a duty.

If there is a sufficiently powerful silver selling lobby in the US, they can persuade their negotiators to demand access to the UK. To compete properly, they can ask for VAT free silver.

I can't see it though, if they scrap vat on silver, it will also benefit the UK dealers. The US dealers won't have a sufficient advantage.

[sixgun]

6 minutes ago, sovereignsteve said:

If there is a sufficiently powerful silver selling lobby in the US, they can persuade their negotiators to demand access to the UK. To compete properly, they can ask for VAT free silver.

I can't see it though, if they scrap vat on silver, it will also benefit the UK dealers. The US dealers won't have a sufficient advantage.

i think that suppliers in the EU already get coins from the US. Coins are sent VAT free to Germany - the German customs applies the 8% VAT or whatever it is and then they are sold second hand under the marginal rate scheme. 

[Uksilverstackers]

8 hours ago, AuricGoldfinger said:

I don’t think VAT will be added to gold. I also don’t think VAT will be removed from silver. The government isn’t going to encourage anyone to put their wealth into something outside of the system.

If the Gov needs revenue it will look anywhere for tax and hence they probably wont remove VAT on Silver. 

HMRC could consider adding VAT again to Gold if they wanted to, as up to 1973 Gold was VAT free, but VAT was added from 1973 till 2000 when VAT on gold was removed as part of EU, why this didnt include Silver as elsewhere in the EU is anyone guess.

Looks like its all about Goods and Services, more HMRC / LBMA info Here

[Martlet]

2 hours ago, Uksilverstackers said:

If the Gov needs revenue it will look anywhere for tax and hence they probably wont remove VAT on Silver. 

HMRC could consider adding VAT again to Gold if they wanted to, as up to 1973 Gold was VAT free, but VAT was added from 1973 till 2000 when VAT on gold was removed as part of EU, why this didnt include Silver as elsewhere in the EU is anyone guess.

Looks like its all about Goods and Services, more HMRC / LBMA info Here

They didnt include silver as it is considered an industrial metal, buying coins would be a way for silver consumers to bypass input VAT.  Its not going to look very good, having taken control of VAT to start applying new VAT to anything

[5huggy]

15 hours ago, motorbikez said:

@sixgun  I understand that ,we could still lobby Boris for VAT free silver platinum etc like gold.

seconded - 👍

We could open one of those government polls - and it would be a damn good way of gauging how much (or how little interest is "OUT THERE" in Silver/PM's!