Selling gold coins9/16/2023 ![]() ![]() In Europe, VAT rates on silver, platinum, and palladium vary between 8% and 25%. So buying silver, or PGMs (Platinum, Palladium, etc.) is just like buying a new iPhone: you will have to pay VAT on your products. Therefore, make sure you buy your gold coins and bars from a trusted gold dealer.įor all other metals, however, VAT will apply as, in the eye of the law (or in the eye of the tax institutions at least) they are seen as an industrial product. It is important to remember, however, that, to be considered “investment-grade”, bars or coins should be at least 999.5 pure gold. When it comes to gold, throughout Europe, investment-grade gold is not subject to VAT. What are the taxes on gold and other precious metals?Īs mentioned above, there are two taxes you need to keep in mind when it comes to investing in precious metals: Now that we know the key stages of taxes on precious metals, let’s unpack how each of these taxes works, exactly. Unlike VAT, this tax applies to all precious metals, including gold. It exists almost everywhere, with rates varying in different countries. When selling: finally, when it comes to selling, there’s one main tax to have in mind: the capital gains tax.However, bear in mind that in some countries such as Switzerland, the precious metals you store have to be included in your wealth tax declaration. Instead, you can just keep them, follow their spot price, and sell them at the right moment. Unlike real estate, precious metals are not subject to annual taxes and they are not taxed as part of your income. When storing: In short, owning precious metals is pretty much tax-free.You will find more details on this below. The same goes for platinum and palladium - the PGM group metals. Silver, Platinum, and Palladium: As an industrial product, silver is subject to VAT, with rates varying from country to country. Buying silver, however, is a different story. Gold: When buying investment gold (aka coins and cast or minted bars), you pay no taxes because, in most countries, investment gold is VAT-free. When buying:when making a precious metal purchase, the only tax you should think of is the VAT ( Value-Added-Tax).Let’s break down precious metal ownership into 3 phases: Let’s say you bought several American Eagle gold coins and a few 1 oz silver bars and… now what? At what point do you have to pay taxes? When do you pay taxes on precious metals? That’s why we’ve made this short guide to break down everything you need to know about taxes on precious metals. We're Sydney's most flexible coin dealers,trading 11am to 3pm Thursday to Sunday on a walk-in basis, no appointment is required.One of the most common questions we receive from our clients is how do you pay taxes on gold and other precious metals.Īnd we get why: it’s an important, yet complex, subject that one should get a hang of before starting to invest in gold, silver, platinum, or palladium. Early middle Eastern gold coins, Sub Continent gold coins and European gold coins, 585 - 900 purity.Spanish, Chilean and Peruvian Escudos, 875 purity.Swiss Francs - 20 6.4 grams, 900 purity. ![]()
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