Taking Personal Gold Bars to UK

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Taking Personal Gold Bars to UK


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  #1 (permalink)  
Old 9th December 2013, 03:35 PM
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Question Taking Personal Gold Bars to UK

I am a UK citizen living and working in Dubai.
I have now resigned from my job and I will bereturning back to my home in UK very soon.

Whilst here in Dubai I purchased some investment gold bars certified 99.9% purity for my personal savings.

I want to take these gold bars back to UK.

Can any one advise what are the rules and guidelines for taking personal gold bars back to UK?

Will I have to pay tax on my savings gold bars????
How do I declare these gold on arriving at Heathrow Airport????
What is the allowed declared/undeclared limits for taking personal savings gold to UK???

I have read the UK HMRC website guidelines....but it makes no sense to me at all.
I am not a gold trader nor did I purchase the gold for business.

I will appreciate if any one can advise who have experienced or knows the law in plain english

Thanks

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Old 10th December 2013, 11:04 AM
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Quote:
Originally Posted by aloo_bazi_du ai View Post
I am a UK citizen living and working in Dubai.
I have now resigned from my job and I will bereturning back to my home in UK very soon.

Whilst here in Dubai I purchased some investment gold bars certified 99.9% purity for my personal savings.

I want to take these gold bars back to UK.

Can any one advise what are the rules and guidelines for taking personal gold bars back to UK?

Will I have to pay tax on my savings gold bars????
How do I declare these gold on arriving at Heathrow Airport????
What is the allowed declared/undeclared limits for taking personal savings gold to UK???

I have read the UK HMRC website guidelines....but it makes no sense to me at all.
I am not a gold trader nor did I purchase the gold for business.

I will appreciate if any one can advise who have experienced or knows the law in plain english

Thanks
If you bring €10,000 or more in cash, or the equivalent in another currency, to the UK from outside the European Union (EU) you must declare it.

Cash includes:

notes and coins
bankers’ drafts
cheques of any kind (including travellers’ cheques)

If you’re travelling as a family you need to declare cash over €10,000.


Penalties
You could face a penalty of up to £5,000 if you don’t declare your cash or give incorrect information.

Your declared cash can be seized by Customs Officers if they have reasonable grounds to suspect a crime. They can keep the cash for 48 hours - after that they need a court order.

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Old 10th December 2013, 01:35 PM
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I have a suspicion that you would need to pay VAT on gold bullion brought into the UK from overseas.
Cheers
Steve

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Old 10th December 2013, 01:38 PM
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Question

Thanks for the reply Cautious Mover.

I understand the guidelines regarding cash and I have looked at the relevant forms (HMRC-C9011) and its easy to understand and fill in the details.

But my concern is that.... is 99.99% purity Swiss gold square bars considered the same as 99.99 % purity Gold Goins for example...the British Guinea coin or Krugerrand coins or Canadian Maple Leaf Gold coins or American Eagle Gold coins....etc etc...?????

I understand from the HMRC website......gold coins declared same as cash currency on the same UK government HMRC form C9011....you dont have to pay any VAT or any other form of tax.

I hope to read more replies and clarification from other experienced members.

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Old 10th December 2013, 01:42 PM
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I think theres 17.5% VAT due on gold bars from what I could see.

I have not had the luxury of being able to worry about carrying gold bars back to UK I am afraid...I am looking forward to that problem one day...

How much gold are we talking about here? Pallets of gold ingots?


Last edited by cautious_mover; 10th December 2013 at 01:44 PM.
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Old 10th December 2013, 02:10 PM
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Are you sure - thought VAT was 20% these days!!!!
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Old 10th December 2013, 02:13 PM
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Quote:
Originally Posted by Stevesolar View Post
Are you sure - thought VAT was 20% these days!!!!
Well that's what the site said when I looked briefly earlier. Can't remember the link.

I can't see them not charging VAT as the item is a commodity and as such they will want their fair share.

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Old 10th December 2013, 05:00 PM
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Quote:
Originally Posted by cautious_mover View Post
I think theres 17.5% VAT due on gold bars from what I could see.

I have not had the luxury of being able to worry about carrying gold bars back to UK I am afraid...I am looking forward to that problem one day...

How much gold are we talking about here? Pallets of gold ingots?
LoL !....you make it sound like I'm loaded with gold.!!!!!!

I have just resigned from my job here in Dubai and I will be returning back to my home in UK.....so I am getting my End of Service Pay from my employer....it is not a huge amount just over 10,000 GBP.....my life savings !

Because at the moment Dirham to GBPounds exchange rate is rubbish...I am planning to use the Dirhams to buy investment Gold bars...maybe 4x100g bars which will be valued just over 10,000GBPounds

This is why I desperately need to know if I will be taxed (VAT) at any rate 17.5% or 20% when I land at Heathrow Airport.
If I have to pay tax then my life savings nest egg is gojng to be considerably smaller

Thats why I need informed advise from any legal expert members here....who have experienced similar situation.

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Old 10th December 2013, 05:15 PM
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Why don't you call UK Customs or whatever they call themselves these days?

Alternatively open an offshore USD account and convert it to GBP when the rate is better? Better than giving 20% away.

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Old 10th December 2013, 05:26 PM
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Right - think i have correct answers now!
VAT in UK is definitely 20% - for normal goods.

Gold jewellery imported to UK has import duty of 2.5% and VAT of 20 %

Investment gold bars and investment gold coins are duty and VAT exempt - hurray!!

You can check the above on a really good website called dutycalculator.com and enter appropriate countries, products and values.

Hope the above helps!
Cheers
Steve
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