Do you have to declare gold bullion uk?

At the moment, there is a weight limit of 1 kg for gold. If you choose to carry more than 1 kg of gold bars, you will have to pay additional fees for the amount of gold that exceeds the 1 kg limit. In this case, you will also have to pay the 12.5% import tax. In short, this means that most gold products are exempt from VAT.

If you're not sure if a gold product you're about to buy is subject to VAT, check with the merchant. Since all gold coins made in the United Kingdom are produced by the Royal Mint (non-legal tender coins are called “round”), this means that almost all British gold coins are CGT free. Fortunately, throughout the European Union there is an initiative to exempt from VAT all gold products that are considered “investment” gold or “ingots”. Buying gold and silver in physical form has never been easier, as the number of online sellers, commercial suppliers and banks are still eager to provide the assets buyers are looking for.

The main internationally traded British gold coins are Gold Sovereign and Gold Britannia, although there are a range of other coins in the Royal Mint's collection. This type of gold can be purchased safely without the involvement of VAT and, in fact, saves 20% when buying this form of gold.

Christine Raiford
Christine Raiford

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