VAT on Gold and Silver - Gerrards Bullion (2024)

FAQs

VAT on Gold and Silver - Gerrards Bullion? ›

VAT on Investment Gold

All of the gold bullion offered from Royal Mint, including coins, bars and DigiGold, is VAT free for non VAT registered private individuals. Silver bullion coins and silver bullion bars are subject to standard VAT, currently 20.0%.

As we've already mentioned, VAT-registered businesses can reclaim the VAT element of an item's purchase price. If you run a VAT-registered business and think you should be able to get back the VAT on your silver coins or bars, we recommend you check with your accountant.

In fact, all gold, silver and platinum bullion coins produced by The Royal Mint are classed as CGT-free investments; this includes gold and silver Britannia coins, Sovereigns and the popular Queen's Beasts range.

That's right, the US doesn't impose any customs duty on gold coins, jewelry, medals, or bullion. Just remember to declare your precious cargo to CBP officers or fill out a FinCen105 form if your gold items are valued over $10k. That's all there is to it!

All gold bullion sold by The Royal Mint including The Sovereign & Britannia ranges are VAT free for non VAT registered private individuals. However, silver and platinum bullion, regardless of the country of issue, are subject to VAT at the current rate of 20%.

VAT Free gold coins must have been minted after 1800, have a purity of not less than 900/1000, be or have been legal tender in their country of origin and not normally sold at a price in excess of 180% of the open market value of the gold in the coin. These definitions are contained in VAT Notice 701/21.

Silver bullion coins and silver bullion bars are subject to standard VAT, currently 20.0%. Digital silver is also liable to VAT at the standard rate. For dispatch to countries outside of the EU, VAT will not be charged.

You can however choose to buy silver and have it stored in a secure, allocated vault outside the EU thereby bypassing the VAT requirement. Certain types of gold and silver coins are treated as legal tender and therefore not subject to capital gains tax.

TAXES IN CALIFORNIA

The state tax is 7.5% (which can be altered by local authorities) on bullion coins and bullion bars, and also on rare coins. Basically anything that falls under the umbrella of a precious metal is subject to this altered regional tax.

Is VAT charged on gold Jewellery in UK? ›

So, as long as your purchased gold qualifies as an Investment Grade, then no VAT will be charged. There are a few requirements for gold to qualify for an exemption: Firstly, it has to be in the form of a coin or a bar. For this reason, VAT is still added to gold jewellery.

There is no duty rate on gold coins, medals, or bullion, but these items must be declared to a Customs and Border Patrol (CBP) Officer. If your import is over $10,000 in value, you must file a FinCEN 105 form at the time of entry. This includes all currency valued over $10,000.

Precious metals, including gold, are not listed as banned or restricted. As long as the gold is a gift, or under your personal ownership, there should be no issues with bringing it in. As a precaution you can declare your gold.

Revenue and Taxation Code (R&TC) section 63551 provides a tax exemption for bulk sales of coins and bullion. A tax-exempt bulk sale of coins and bullion increased to $2,000 or more on and after January 1, 2023. Tax applies to retail sales of coins and bullion valued at less than $2,000 on and after January 1, 2023.

Sales in bulk of "monetized bullion", nonmonetized gold or silver bullion, and numismatic coins which sales are substantially equivalent to transactions in securities or commodities through a national securities or commodities exchange, are exempt from both the sales tax and the use tax.

There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer. Please note a FINCEN 105 form must be completed at the time of entry for monetary instruments over $10,000. This includes currency, ie. gold coins, valued over $10,000.

In the UK, each person gets a yearly CGT allowance. This is an allocated amount of profit you're allowed to make before paying CGT. As of the tax year 2023/24, the UK's annual CGT is £6,000. That means if you sell your gold for a profit of over £6,000, you'll have to pay CGT.

So, as long as your purchased gold qualifies as an Investment Grade, then no VAT will be charged. There are a few requirements for gold to qualify for an exemption: Firstly, it has to be in the form of a coin or a bar. For this reason, VAT is still added to gold jewellery.

The IRS considers non-legal tender gold bars and coins to be 'collectibles' for income tax purposes. If you hold the gold for less than 12 months then any gains are taxed as 'ordinary income', if you sell after a year then any profits are taxed as 'long-term capital gains'.

California does have a sales tax for purchasing bullion. It sits at 7.25%; however, exemptions are available when an individual spends more than $1,500 in a single transaction.