The Truth & Cons on buying Silver in the UK
HTML-код
- Опубликовано: 14 окт 2024
- Let me know your thoughts and how it differs when buying Silver elsewhere. This is from a UK perspective only, please keep comments respectable.
#silver #silverstacking #royalmint #britannia #buying silver #silverin2023 #gold #goldstacking #coins #numismatics #preciousmetals #coincollection 
Развлечения
Shame on the government.
Great advice! Inlive in the U.K. and am still buying silver 1oz coins. Just love the look of them and the quantity you can buy for relatively little money. But you’re right , it’s not a good investment and I may never break even if I choose to sell one day. Gold sovereigns are a much better way to spend your money but spending nearly £400 on a tiny gold coin somehow doesn’t have the same satisfaction 😆
I’m glad you enjoyed the video, I still buy silver too😊
It's just not worth it in the UK
Just like everything in the uk we get absolutely shafted with tax!
It's EU wide
The reality is that we are not allowed to exchange our pounds for silver.
It _used_ to be possible, before the BoE changed the currency basis and bought an end to the _Gold Standard._ Since that time the Pound Sterling has represented a fractional division of British GDP, not physical gold reserves. 🎰
Interestingly enough; Around WWI there was a _huge_ public pressure campaign convincing people they (And those around them) were _traitors_ if they didn't exchange their gold coins (Sovereigns at £1 and halfs at 10s) for reserve notes, and I often wonder if that campaign even complied with - Latterly introduced, but infinitely backdateable - UN human rights? 🤔
Yes, you can. lol. I just bought 10oz of silver coins last month. Oh wait, you mean going to a bank and trading your pounds for silver. Yeah, that stopped at least 50 years ago, maybes 90 years ago. Can't remember if that happened in 1971 or the 1930s. It used to be a pound was worth an oz of silver hence the name Pound Sterling. Course there is probably way more paper and coins than actually silver and gold in existence(that's why we came off it). Only reason the whole system hasn't crashed is faith, we believe the pounds have value.
@@daviniarobbins9298 exchange as in trade. Because of the high taxes making it a dud investment
@@daviniarobbins9298 u just went off track with a mountain of crp lol
@@daviniarobbins9298 yh i buy silver bullion too i get pre owned from atkinsons
Considering you would have to keep it for a while the inflation also will likely beat out what you paid since if you left it as fiat currency it would not be worth as much, i just wish they would repeal the tax on silver, platinum and paladium since gold does not have any tax
Paying £30 for 1oz to sell for £19 means you'd need a 50% rise in price to break even. At 7% a year it would take 7 years for inflation to make your £30 'worth' £19. But you're not paying any extra taxes and fees. Plus cash is more usable. Seems a weird thing to buy to me
If I had to pay a 20% tax on silver but not gold...I'd be stacking pretty much just gold myself. I live in a sales state free US State, so very luck to be able stack it all without tax.
I wish we had the same, I wouldn’t think twice then. I’ll wait for gold to come back down before I buy some more
Yeah, I wouldnt stack silver with a Vat Tax. I thought 5.5 % was bad.
@@HDDynalowrider but if gov remove VAT silver/gbp would rocket plus when selling here in the uk you get way more than spot
@@macdonaldbullion But isn't it also true that if you invested in 35oz/1kg wholesale silver bar then you are exempt from the 20% VAT?
Just found this video as im not really looking to make money, but to store money, as we know that when time goes by the notes we use are valued less and less by the year.
For me, to have a chunk of silver backed up for when i want to spend makes a bit more sense, from this point it seems to be an anomoly that it will be under £15 per Oz and with future technologies i do see more and more industires accumilating more just for the material alone, I dont have a fear of the pricing of silver compared to just keeping some cash for a rainy day, I dont mind losing a few quid if that is the case, but a few hundered quid is a different feeling.
I come from a background in game collecting, thats where my knowlege is, and whilst its entirely different, I was buying games for £1 if i sold one for £2 then its a simple 100% profit and i got value from said game, I am tired of that area though and for me it works as a storage of money as i have an item i can use, its just chance that said game gets a profit boost, at times a game was £100 just to be remastered and the market only wishing to pay £50, but at the end of the day, if you dont need the item espeically if you have value out of the product, i guess you feel a bit less burned by it at least.
Platinum also has VAT levied on it. Even second hand is VAT rated. It adds like another £200 to 1oz.
I would like a little bit of platinum some day
I live in a draconian state that charges sales tax on bullion. There are some legitimate ways around it, like buy from an out of state business and have it vaulted out of state, or buy from a third party. And some less legitimate ways, like drive 90 minutes north to a state free of oppression, and bring your metals back. But yes, it bites to pay tax when you make an investment.
I have 23 kilo silver and all kilo bars because you get more silver for your money and they are all old collectable bars when I purchased them I payed 450 euro each
You made a great purchase there mate
There's no point in buying silver if your not prepared to hold it for a long time.
Silver is a LONG TERM investment .. and I mean a decade or more 😁
Quite simple really
I agree, too many people thinking about the short term and often the same people that have no idea about the increased industrial demand for it, the silver deficit year on year, the silver manipulation and the fiat system ultimately going down the toilet, silver is a 10 -30 plus year plan
In France, it's almost the same thing.
Silver coins (whether old demonetized coins or Modern Ounces) are exempt from VAT.
Only silver bars with no face value are subject to 20% VAT
I would say that’s why gold is more appealing here in the UK, there is no VAT on Gold Britannias or sovereigns compared to silver
@@macdonaldbullion The same in France, no VAT on gold
@@NCstacker interesting to see how it compares
I think the detail here is that tax is charged on _bars_ - Which are a commodity and could be melted down to make jewellery, electronics, ICs etc - But not _coins,_ which are a monetary item and *not* intended for melting down and reuse. As monetary items have a face value to them they _always_ have that value, and are tax exempt because that face value will continue to weaken through inflation over time. 🎈
In Croatia we have to pay 25% tax on all silver, no matter if it's coins or bars. I think I'll just start stacking gold instead since I refuse to technically give 25% of my silver to this corrupt government.
I have been buying preowened 1oz silver coins to avoid the vat
same preowned is the way to go for me buying new isnt a consern for me
When you think about whatever precious metal you buy you will be paying VAT at 20% on the dealer's premium even if it isn't listed in your bill/receipt. Probably also on the postage even if it is included in the price. And indirectly you will be paying the dealer's CGT bill also.
Yes you’re right, they have to make a little. At least there’s lots of great coins/bars to stack which I like. Thanks for watching😁
This is a crazy thing to do in the UK. Very different in the US where silver is money.
Gold is a much better buy in the UK. Premiums much closer to spot in gold, silver has way to high of a premium here
Here in the US it varies state to state. Some states have no tax on bullion, some states have sales tax on bullion. I happen to live in a state that has a 7% sales tax on everything except food. So silver is about $23.90/oz. The premium is about $3-$4 per oz and then my state has the 7% sales tax as well. If I were purchasing a lot of bullion and it was worthwhile, I could travel to the state below me which is about an hour and a half away, I could purchase bullion with no sales tax. Some states charge quite a bit more than others for tax on bullion. I'm actually in talks with my representative trying to petition and get the bullion tax abolished in my state, or at least lowered. I always wondered about your VAT tax on silver and how that worked. A very interesting and informative video. Have a great day.
It seems like a better option buying in the states then compared to prices here, unfortunately it can be too much high premium for lots of people. But things may change perhaps in the future, for now here in the UK gold is a more attractive option. Thank you for letting me know I didn’t know that each state differs in tax %
@@macdonaldbullion you're most welcome
Billy Hill, whats to stop you from jumping in the car and going for a drive to avoid the 7 percent?
@@theobradley5926 I do if I'm purchasing a considerable amount. Otherwise it's cheaper before fuel to just have it delivered to my house.
@@hillbillystacker Thats the spirit! Hardly worth while making a donation to the Farkers.
People won't care about what's on the front of a coin when it comes to bartering or selling when things get tight. It will be the gold value and weight
I agree the value is in the metal and it’s weight
@@macdonaldbullion thanks for the video
Where is everyone buying from and what’s the best place to get silver from?
Lots of good dealers to pick from. Cheapest will be buying from private sellers
@@macdonaldbullion Iv got myself into a bunch of facebook groups and there are some amazing deals for the silver coins but the delivery fee is a killer.
Im trying to find local people but very hard to find.
Nice Scottsdale Stacker and good advice and info. Is your table on a downward slant ?? 😐🙃😀
It is! haha
Yo! Pmg 🙋🏼♂️
@@slackstax2854 Hey SlackStax!!! How you been brother ?? Happy new year !
I have a small amount of silver but I have it purely because I like to have it, if I ever sell it, hopefully I'll get my money back and maybe a bit more
What about purchasing pre owned silver 1oz Britannias? If I'm not mistaken they are both VAT and CGT free?
If you buy preowned silver from shops VAT will still be applied. Britannias are legal tender and are CGT free though
Ill take gold. I just don't ever see getting my money back out of silver
Do you live in the UK John? Gold just seems like a better option especially here
As a long term investment, will silver break even or exceed initial cost versus leaving the same initial value of cash under the mattress for children and grandchildren?
I wish I knew for sure but what I can tell you is silver will always be worth money, cash decreases yearly, it’s not backed by anything apart from the government. So it’s personal preference but I would suggest it’s wise diversifying if you can
Makes a video how to store silver &gold bar +coin
Avoiding Tax,simple purchase sold on Silver or older Silver,than the newer minted Silver.😊
I just did a quick currency comparison,here in Canada,a tube of 25 2023 maples is about 875$ Cad.which converted to 537£. I don’t know what you’re actually paying over there if you were to buy the RCM maples. Hello from British Columbia.
I would say second hand maples are around £25 so for 25 maples shops would sell a tube for around £610. That will be around 990 CAD. Silver stacking is very expensive in the UK compared to elsewhere, that’s why gold is the main market for us because we don’t pay the extra premium and tax. We also have sovereigns which are perfect for low premium gold stacking. Thanks for watching
@@macdonaldbullion cool,thanks for the response.😎
Well said,
What about capital gains tax - how does this affect your silver or gold investments over the long term?
It’s the tax you pay on profit in the UK. The threshold is lowering from £12000 to £3000 next year. Simply if you had gold and silver not considered ‘legal tender’ and you had maples and American silver eagles and if sold more than the threshold then you may have to pay 20% in tax. You can divert around this by sticking to legal tender gold and silver as Britannias and sovereigns don’t fall under having to pay any capital gains tax as it has an exemption
Sorry you’re having to pay 20% VAT. Now I don’t feel so bad about my state charging 6%. At 20% I’d be looking for a workaround, lol. BTW, while Morgan’s are very popular here, the most popular is the Silver Eagle. Also very popular is 90% silver coins, aka “Junk” silver. Very easy to move 90% silver coins here in the U.S.
I thought the 20% VAT was applied after the premium?
Yes you’re right! My mistake the tax will be on top of the premium
Love the stacker bars! 🇬🇧
Those Scottsdale stackers are my personal favourite 10oz bar
@@macdonaldbullion mine too! 🤝
yes VAT is annoying but im not put off by that as everyone has to pay it and if they removed VAT on investment silver price would rocket,
Thanks for watching Jack
If VAT was removed. Why would people pay £X for your silver bullion when they could buy it from the royal mint for £X-20%?
If VAT is removed, it will sting anyone who bought whilst VAT was there.
@@1995pearson I think the idea is that with the VAT removed, it becomes a much more viable investment so more people will buy silver and in theory the price increases. Whether it would increase past the 20% vat paid is another question.
Cash is just promissory notes - folk just don't know it!
What is the tax when you sell?
There is capital gains tax which is currently at £12000 but this will be lowered, the tax is 20%. However, if you live in the UK and buy Britannias, they are exempt from this specific tax as they’re considered ‘legal tender currency’ (you still have to pay VAT tax which is 20% when you buy the product). Gold sovereigns and Queen beasts series fall under this category. In theory you could sell a tonne of Britannias and not pay any capital gains tax making it an attractive option for UK stackers
I wanted to buy 1 kg of silver was 877£ and then at check out it was 1052£ omg vat is 175 I end up buying Gold
Very expensive. You can purchase 1kg silver for around £690 on private marketplaces (Facebook)
Sorry I made mistake I mixed up it was 671£ +vat was 805£ so vat was 134£
@@trizanetrizane2654 I see lots of umicore kilo bars go for around £690-£700. They seem to be the cheapest
@@macdonaldbullion I bought my silver coin,&bar royal mint because it’s government and I’m not worried about fake silver or Gold, another place I tried to buy is BullionByPost
VAY is not added to everything,.only luxury items. Even though they add it to sanitary products and they don't seem like a luxury item to me, it's clearly an arbitrary addition but it's still not added to everything.
I know VAT doesn’t apply to everything, gold has no VAT, but there is VAT on silver
@@macdonaldbullionsorry mate, I didn't mean to insinuate you weren't aware, I was just merely making a point. My example of women's time of the month products really don't constitute luxury items, it's certainly never felt like a luxury to me! 😂 The whole system is catered to screwing over the working class, they know most can't afford gold but silver is an entry level metal for most, don't think that's a coincidence, do you?
Is it better to buy sovereign s or britanna s
I prefer sovereigns but you can’t go wrong with either in my opinion
I would suggest considering buying gold and silver coins from a tax-exempt source, and if you live in the UK, consider ordering them from Norway. While there might be the possibility of incurring import duties and taxes, based on my experience of ordering from Norway ten times, I've only had to pay these fees twice.
Could you recommend a website to buy from please
europabullion
Is it gold that is tax exempt in the UK?
Gold is VAT exempt when you purchase. Gold britannias and sovereigns are capital gains tax free when you sell
I've started collecting gold as well scrap computer parts to get scrap gold from as I work in IT and currently do a refresh. 300+ laptops I just pulled all the cpu and ram from as well as 30+ servers. Not sure how to recycle the gold but seen plenty of videos on here.
Yep. Gold first.
Just to clarify something on the *tax* aspect: I believe that tax is charged on _bars_ because they are a commodity and could be melted down to make jewellery, electronics, ICs and other taxable goods. If you bought a £100 bar of silver (£120 incl. VAT) and used it to produce £200 worth of goods (ex VAT), you could deduct the £20 VAT paid from your annual tax return (And remember to add the £40 VAT from the goods you sold!) as it was an essential expense for a business reagent. Coins are normally _VAT exempt_ because they are monetary items and *not* intended for melting down or reuse. 🏦
As monetary items have a defined face value they will _always_ have that value (A UK Sovereign from 1824 still has a monetary value of £1, it's the _intrinsic_ value of the base metal that'll command a higher price than that) and are tax exempt partly because it's not appropriate to charge tax on legally necessary monetary tokens, but also because that face value will weaken through inflation (The engineered tax on retained wealth) over time. 🎈
Long story short: If you buy _Bars_ you'll have to pay VAT, but if you buy _Coins_ bearing any valid currency amount on them (e.g. Royal Mint coins in GBP, French coins in FF or EUR) your purchase will almost always be VAT exempt. 👍
pre owned is vat free
Good to hear your advice my friend I collect myself nice job your doing
Thank you mate I appreciate it
20% Brexit tax is too much for me.
Too much
Nothing to do with Brexit .. vat is an EU idea..
But yep it’s a con
@christianmungo2342 we had purchase tax before joining the EU. The 20% VAT on silver has been applied as a direct consequence of leaving the EU. So yes, it has everything to do with brexit. Once again, a vote leave voter is misinformed!
@@bobdigi500 Nothing whatsoever to do with Brexit.
@SaxonSuccess You need to research the fact 20% VAT was added to silver as a direct consequence of leaving the EU when buying from the EU. I copied this for you too -
The only reason that we ever got reduced VAT rate silver was because we were members of the EU. As such, the VAT rate was applied at the country of the sale (I.e. 6% if you bought from Germany) and no additional fees were due. This is no longer the case, 20% UK VAT is applicable and customs fees will also be added.
Basically everything that costs more in this country because of brexit is called brexit tax!
There isn't anything cheaper because of brexit, do the term "brexit discount" doesn't apply to anything we purchase.
Opinions aren't facts.
Get some Goldbacks. They are beautiful and useful. But if you get VAT taxed on them then avoid it.
I’ve got some goldbacks they’re awesome
@@macdonaldbullion nice
I'm 15 years old and I have £150 how do I start to stack silver best place to buy thanks 👍
There’s lots out there, I’d recommend purchasing a Britannia silver coin to start off with. You can purchase them from loads of places such as Tavex Bullion, Silver Trader, Royal Mint or even coin shops. See if you like it, it’s a fun hobby and your saving money. There’s lots of videos on the channel for you to see if you are interested in silver
@@macdonaldbullion cheers thanks I'll have a try 👍👍
What price should I be looking at I have seen £26 £33
@@briangordonwinnard9261 from dealers you’ll be lucky to find one under £30. You can find second hand Britannias privately sold for £25ish. For the sake of £5 might aswell guarentee a legit one from a dealer
@@macdonaldbullion thanks you are right £5 for the real thing it's better to be safe than sorry 👍 thanks for the advice every one I'm bying some silver can't wait happy stacking chap's
Whatever you invest in inflation will wipe it out its value in the long term. That is why chasing wealth is a recipe for unhappyness.
You keep contradicting yourself. Don't buy silver buy gold but buy silver aswell?? Stick to one thing amd stay there.
Don’t buy silver if planning to sell short term. Buy silver in small amounts to see if you like it (for new stackers), buy gold for a stable low premium option
@@macdonaldbullion o enjoyed your video and took some valuable knowledge away from it. It makes more sense sticking with your 1st point which was not to buy silver but Gold. As silver is way less valuable and profitable when coming to sell. Buying silver sounds like something somebody would do as a hobby to smile at. But not something you can make money on. Amd thos is the whole point of investing os to make money
@@eyeswideopen7126 I’m glad you enjoyed it. Thank you for watching