Silver Price UK will tell you how.
As we all know here in the UK Silver bullion is subject to 20% VAT. Previous loopholes like buying silver from the Gurnsey Mint have now been closed. All of the major online bullion retailers will add the 20% VAT to any order on silver coins and bars, which instantly puts us at a loss of at least 20% of our silver purchases. I know, it's unfair. Especially when countries such as The USA have no tax on silver. Germany has a 7% VAT and Estonia 0% VAT on silver coins which are legal tender, like the Austrian Philharmonic for example.
So how do we buy VAT free Silver Coins?
To put it simply, we buy from those countries within the EU where there is little or no VAT added to silver coins.
In most of Europe there is taxation of precious metals but Norway and Estonia are two countries which levy the VAT on silver coins which are deemed as legal tender.
How do we get Silver delivered to the UK without customs adding the VAT?
Article 33/34 of the EC-guideline 2006/112/EC basically tells us that goods such as silver coins which are purchased within the EU must have VAT added to the cost when it is delivered by the supplier to a country like the UK where the VAT is applicable (as we all know).
If the goods are delivered by a private courier arranged by the buyer or collected by the buyer, the VAT is not applicable. We pay only for the silver coins, not the VAT!
When arranging your own courier or collecting the silver yourself, you have in fact completed the transaction with the dealer and the silver is ultimately in your posession. When using the delivery service of the bullion company, they are required by law to add any VAT to the transaction.
VAT can only be paid once in the EU and it is paid in the country you bought it, at the given rate. So if you buy it in Estonia for example, you pay no tax. As long as you arrange a private courier or collect it.
Okay, so how do I get the Silver delivered?
Its easy! Under the radar of the main bullion websites are many companies operating in Estonia, Germany and Norway which offer the reduced VAT or no VAT silver coins to buy online.
Completing the transaction is usually just as quick than with any other online retailer. To ensure that you are not taxed at the UK VAT rate you simply choose the option for a private courier. Your details are then forwarded to the courier and collection of the silver is arranged. Alternatively you can collect the silver yourself or arrange an alternative courier.
It's that simple.
Where to buy VAT free Silver Coins
VAT free silver coins and reduced VAT Silver coins can be bought from the following sources, enjoy!
0% VAT Silver
Visit Liberty Silver for more information on purchasing VAT free silver.
7% VAT Silver (Germany)
Besser Gold
Anything to add? Feel free to leave a comment.
