VAT (Value Added Tax) Information – United Kingdom
VAT on Bullion Sales in the UK:
In the United Kingdom, investment-grade gold is exempt from Value Added Tax (VAT), Investment grade silver, platinum and rhodium are charged at 20% VAT as outlined by Her Majesty’s Revenue and Customs (HMRC).
VAT-Exempt Bullion in the UK:
Customers purchasing investment-grade gold from Next Day Bullion in the UK do not need to pay VAT on their purchases, provided that the products meet the HMRC’s criteria for exemption.
VAT Documentation for UK Customers:
When you make a purchase on our website, we will issue a VAT invoice that includes all necessary details about the product’s VAT status. This documentation is essential for your records and may be required for tax purposes.
Capital Gains Tax Information – United Kingdom
Capital Gains Tax (CGT) may be applicable to the profit realized when selling bullion in the United Kingdom. The treatment of CGT on bullion is subject to the prevailing tax laws and regulations.
The Royal Mint coins in the UK, which encompass various coins such as Sovereigns minted from 1837 onwards, Lunar coins, Queen’s Beasts coins, and Britannia coins, are not subject to UK capital gains tax.
UK residents are typically responsible for reporting any capital gains resulting from the sale of bullion to HMRC. This includes gains made on the sale of investment-grade gold and silver bullion.
The UK offers an annual tax-free allowance for capital gains, which may exempt gains up to a certain threshold from CGT. It is advisable to consult with a tax professional to determine your specific obligations and entitlements.
Maintaining accurate records of your bullion purchases and sales is essential for calculating capital gains and ensuring compliance with tax regulations in the UK.
Professional Tax Advice:
We strongly recommend seeking advice from a qualified tax professional or financial advisor with expertise in UK tax laws. They can provide guidance on tax planning, compliance, and any changes in tax regulations.
Disclaimer:
Please be aware that tax laws and regulations are subject to change, and interpretations may vary. Next Day Bullion cannot provide tax advice, and this information is intended as a general guideline. It is essential to consult with a qualified tax professional for personalized advice and to stay informed about the latest tax developments.
Your tax obligations and entitlements may depend on your individual circumstances and the specific details of your bullion transactions.
