vat question

[blindguy]

when importing silver or gold coins from the u.s. do you have to claim their melt value or can you claim the value on the coin?  lets say you are importing american silver eagles, do you claim that they have a melt value of $18 or can you say they are a legal tender coin with a  value of $1 printed on the coin? same with u.s. 90% could just claim their face value as they are still legal tender coins?  is this a loop hole in the vat law?   jim

[AppleZippoandMetronome]

Value is generally based on what the item cost to buy - not something like melt value.

[RoughDog]

From past experience importing from USA (not metals) the VAT is charged on the total (purchase price plus postage).  At least I think it is.  My memory is not reliable. 😕

 

 

[Notafront4adragon]

56 minutes ago, blindguy said:

when importing silver or gold coins from the u.s. do you have to claim their melt value or can you claim the value on the coin?  lets say you are importing american silver eagles, do you claim that they have a melt value of $18 or can you say they are a legal tender coin with a  value of $1 printed on the coin? same with u.s. 90% could just claim their face value as they are still legal tender coins?  is this a loop hole in the vat law?   jim

No. There's an import duty from US based on the value of good imported. Doesn't matter what the face value is.  

[sixgun]

The total value of the shipment = Cost of purchase + Cost of Shipping. 
This is what Customs want to take a share of for bringing it across their border.

Now you could put that the coins are collector items of numismatic interest. They are likely to charge 20% VAT whatever b/c they don't apply their own rules but if you declare them as 'collector items of numismatic interest' then whomsoever receives them could make a claim for a refund. The shipping would be 20% and the silver collector coins 5% VAT. They aren't spot value silver are they - they have value as coins and someone is collecting them for their numismatic interest.

Read this thread to get a handle on the subject. Most people don't claim but i say we should all claim.

 

[Pete]

Gold into the UK is free of VAT and import duty.

Silver is subject to VAT only.
Numismatic / collectible coins correctly declared as such using the harmonised tariff code for such "should" be charged 5% VAT but the buyer will likely have to pay 20% and make a claim for the difference giving sufficient evidence to support numi / collectible status.
Other silver coins 20% VAT

There is also a charge to the buyer which can vary depending on the shipping method so typically expect minimum £8 from our Royal Mail and maybe even up to £35 from FedEx, DHL or UPS if the shipper has not prepaid a door to door service meaning an import agent has taken their cut for telling them that you owe the VAT and nothing more.

As for declaration this should be the price paid for the contents but for low value shipments, some people state a very low value say $2 for an ASE.
VAT becomes due when the declared value exceeds around $20 unless it slips through the net.

To the buyers here in the UK - what looks like a great price in then USA can cost you dear so be warned.

[blindguy]

the reason i asked is i talked to a dealer from the south west who has a woman that comes from france twice a year and buys $20 gold lib's to take back to france and claims them to have a value of $20. i guess she has done this a few times with no problem.