Throughout the European Union, gold bars suitable for investment and certain approved currencies are exempt from VAT, since they are considered an investment vehicle. For example, some EU countries did not charge any type of VAT on gold or applied it at a very low rate, meaning that the United Kingdom was at a disadvantage compared to other EU member states. Making sure you don't pay VAT when it's not necessary is as important as diversifying your business to legally avoid any other type of tax. In the European Union, silver bars are not exempt from VAT and rates vary from country to country.
If you're looking to convert your IRA to gold, you can do so without having to pay any VAT. With Bullion Exchanges, you can learn to sell and buy gold and silver tax-free without losing your privacy. There are two ways to avoid paying VAT when buying silver in Europe, although it requires a bit of preliminary work. Switzerland has long been a great place to store gold, and Austria offers one of the only anonymous storage facilities in the world. And here in Germany, many treat gold and precious metals as real money, not as barbaric relics on the other side of the pond.
Consequently, it was considered appropriate to introduce a single system for the treatment of gold in VAT throughout the EU. However, silver and platinum bars, regardless of the country of issue, are subject to VAT at the current rate of 20%. All invoices related to The Royal Mint products, services, storage or delivery will be subject to VAT where applicable, and VAT charges will be clearly shown where applicable. Since gold, silver and platinum are considered capital assets, capital gains taxes may apply to their items.
VAT is the tax you pay for something you buy, which usually adds 20% to the price, although there is also a VAT rate of 5% and 0%. When you sell gold, silver, and other precious metals, you may wonder if you must pay sales tax. The costs of doing so may make investing in gold more attractive for Europeans, since gold bars can be bought anywhere without problems and can be transported more cheaply. The United Kingdom was particularly at a disadvantage, since in several Member States gold was exempt or subject to taxation at a very low rate.