Gold News & Press Comments
VAT Abolished on Investment Gold
The UK and all other EU members abolished VAT on all investment gold as from midnight December 31st 1999.
From January 1st 2000, all purchases of investment gold within the EU are exempt from VAT.
Exports of investment gold will be zero rated.
Includes Gold Bars & Gold Coins
This change includes gold bars and gold coins.
A complete list is available on this site, but all forms of gold normally traded as investments are included in the new scheme. This means most gold bars of at least 99.5% fineness, and gold coins of at least 90% fineness, such as gold sovereigns, Krugerrands, Britannias, maples, and eagles.
Complete List Available
The exact list and definition of investment gold was only announced late in December 1999, but includes most gold coins which are normally sold at under 80% premium over their intrinsic metal value. This includes almost all modern gold coins, including all gold sovereigns and proof sovereigns.
From January 1st, 2000, qualifying coins are exempt from VAT instead of standard rated
Brief History of Official Treatment of Gold Coin & Bullion Investment Since 1973
VAT Was Introduced in 1973 on Gold Coins
For the first time in over 26 years, United Kingdom residents are able to purchase gold as an investment without the imposition of VAT
The BNTA, British Numismatic Trade Association was formed in 1973 by the major UK dealers in order to liaise with Customs & Excise about VAT on coins, whether antique, modern, gold, silver or base metal.
Chard were members of the BNTA since its formation through to 2008 inclusive.
For many years, between 1973 and 1996, we operated a "brokerage" scheme on gold coins enabling us to match private buyers and sellers, so as to legitimately avoid VAT on sales and purchases of coins already in private ownership.
In January 1996, the "Special Scheme" for antiques was extended to most classes of second-hand articles, including gold coins, enabling us to sell "second-hand" sovereigns with VAT payable only on our margin.
This often meant, however that we could not meet large orders rapidly, as we had to rely in buying solely from private vendors, or other dealers operating the special scheme.
Updates to Follow
We will be bringing you more news about the exemption from VAT of investment gold as we receive it.
Watch this space!
We Sell Krugerrands - Tax Free
Bullion Coin Selector Page