High premium on silver. Also in the UK?

In the Netherlands I buy a lot of silver bullions. I hear the premium, especially in the US, is very high. Does that also apply to the UK?
As an example:
My dealer charges for the BRITANNIA 1 OZ 2022
€23.67 = 20.13 British Pounds
Date: December 2, 2022

JOS WRSM wrote:In the Netherlands I buy a lot of silver bullions. I hear the premium, especially in the US, is very high. Does that also apply to the UK?
As an example:
My dealer charges for the BRITANNIA 1 OZ 2022
€23.67 = 20.13 British Pounds
Date: December 2, 2022

That will soon change for you good friend.

as of the 31st of December.

You will find that as a LOW price.

Picture this. 20% VAT on top of that price.
hmmm

The VAT in Holland is 21% now . . . .
But will things change like that for us, the Netherlands? What do you base that on?

JOS WRSM wrote:The VAT in Holland is 21% now . . . .  
But will things change like that for us, the Netherlands? What do you base that on?

Yes I do believe that the EU has made a decision that across the board come the 31st of December the EU will have a standard tax rate. This is going to impact everyone.

It has been widely public knowledge for the past 3 months, but yet a lot of people are unaware of this situation. I planned on doing a video, but I have held back because of the fear and panic it could cause. So many things will be changing if you look in the Netherlands news, or EU news. I know its hard to watch Trust me, it is there and it is a big change.

So time for a "NETHEXIT" . . .

JOS WRSM wrote:So time for a "NETHEXIT" . . .

Honestly there has been a severe disruption since the UK departed.

I will go into this a lot more but if you have an opportunity and the funds available to purchase any silver ahead of this deadline I would highly suggest doing so.
There are numerous articles, posts, and news which is remarkably quiet on this matter. But the law and new ruling has passed and you should contact your dealer asking questions that I mentioned.

He or She will know what is about to hit them and should give you an honest answer. I speculate on that last part because some do not want to panic there customers.

Well you heard it here first I guess and I am terribly sorry to break that news. But a hint here. You might find that buying from a neighbouring country will also carry its own VAT on top of the current VAT pain. Yep. It will be like the UK buying from America or Australia or even Germany. Import duty will start being applied.

This is not just for Silver, so please look it up and copy in some of the news articles you have available there. I would appreciate any news at your end and what your dealer is saying is going to happen or not going to happen. But things are changing.... and a storm is brewing fast!

I have asked my three dealers for clarification and I am waiting for an answer.
I'll keep you informed.

FAT SITUATION NOW:
How does the VAT margin scheme work on silver coins?
The tax authorities consider silver coins that have legal tender status as collectibles and art. Therefore, coins such as the Austrian Philharmoniker, the Canadian Maple Leaf and the American Silver Eagle are all taxed with VAT on the profit margin. That is the difference between the purchase price and the sale price. So effectively you pay much less tax if you buy these coins instead of the bars.

Admin wrote:

JOS WRSM wrote:So time for a "NETHEXIT" . . .

Honestly there has been a severe disruption since the UK departed.

I will go into this a lot more but if you have an opportunity and the funds available to purchase any silver ahead of this deadline I would highly suggest doing so.
There are numerous articles, posts, and news which is remarkably quiet on this matter. But the law and new ruling has passed and you should contact your dealer asking questions that I mentioned.

He or She will know what is about to hit them and should give you an honest answer. I speculate on that last part because some do not want to panic there customers.

Well you heard it here first I guess and I am terribly sorry to break that news. But a hint here. You might find that buying from a neighbouring country will also carry its own VAT on top of the current VAT pain. Yep. It will be like the UK buying from America or Australia or even Germany. Import duty will start being applied.  

This is not just for Silver, so please look it up and copy in some of the news articles you have available there. I would appreciate any news at your end and what your dealer is saying is going to happen or not going to happen. But things are changing.... and a storm is brewing fast!

It doesnt is the short answer. You can buy a Britannia for the same price as a generic round. Even from the Royal Mint.

I can reassure myself. Three of my dealers say that the tax on silver coins will not increase as of January 1, 2022. They say that otherwise they would have known and told their customers.

JOS WRSM wrote:I can reassure myself. Three of my dealers say that the tax on silver coins will not increase as of January 1, 2022. They say that otherwise they would have known and told their customers.

Ok I hope all my sources are wrong for your sake, and mine !!! I might ask for a couple of coins to be bought on my behalf then. Kidding. I always pay tax!

Here are some important links.


https://ec.europa.eu/taxation_customs/special-schemes_en