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Gold Coins
Anonymous Post
Posted: 23 September 2010 22:32:38(UTC)
#1
Anonymous 1 needed this 'Off the Record'

Gold is the rave right now.
Where can you purchase gold coins in England?
What is the tax/customs position to some-one domiciled and resient in this country, if you buy a gold coin abroad and have it sent to your home address?
Rob Mackinlay (Citywire)
Posted: 24 September 2010 10:08:14(UTC)
#2

Joined: 03/09/2010(UTC)
Posts: 10

Your first question, ATS or Baird & Co both sell gold coins.

On tax. I just spoke to Adrian Ash at Bullion Vault – the company doesn’t sell coins and he was keen to stress that he isn’t a tax adviser – but he said these were the issues:

As far as he knows there is no import duty on gold - we’ll check that.

But, in the UK, the issue is money laundering. If any one buys gold worth more than £5000 in the UK their details – photo of passport and home address – are kept on record for six years. It is unclear how this check on laundering is maintained if the gold is bought outside of the UK, we’ll look at that too.

He said that any government would be concerned about lots of expensive metal crossing its borders but HMRC might not be quick to provide answers to these questions – apparently its gold team was disbanded in 1999 when VAT on gold was ended. Again, this is something we will look at.

Otherwise capital gains tax is the only worry for investors and this will apply to UK investors wherever the gold is held.
stormdog
Posted: 24 September 2010 11:43:43(UTC)
#3

Joined: 04/02/2008(UTC)
Posts: 56

For Rob Mackinlay,

I recently telephoned a well known bullion dealer from whom I bought a few coins some months ago.
I had forgotten how much that I had paid for them.
At the time they had photographed my passport and taken my address, exactly as you mention above.
The dealer was more than happy to give me the information provided that I was able to give the date of the transaction within a margin of three weeks.
It seems that nothing is recorded under the buyers name, just the amount of gold sold!
So I am still not entirely sure.
Meanwhile there is the old adage:
Put 10% of your money into gold and hope that it never goes up.
Ubiqueloco
Posted: 24 September 2010 11:59:50(UTC)
#4

Joined: 04/08/2010(UTC)
Posts: 2

If you have a HSBC international premier or powervantage/smartvantage account you can but gold direct within the account.
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