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News & ResearchPrecious Metals Don't Have To Be Taxing

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Business Reporter · June 2014 · 

An independent report from Lyonsdown distributed with the Sunday Telegraph

 

Precious Metals Don't Have To Be Taxing

 

Imagine an island, not so very far away, where gold, silver, platinum and palladium can be bought cost-effectively and stored securely without the imposition of any form of value-added tax (VAT) or goods and sales tax (GST), and where investment in bullion may also be exempt from UK capital gains tax (CGT). 

Surrounded by water and hewn from granite, the 25-square-mile island enjoys political independence from both the EU and the UK, is widely recognised as one of the world's premier international finance centres and boasts a unique mix of advantages over the competition when investing in precious metals.

Guernsey, in the Channel Islands, is host to a burgeoning, and well-regulated, bullion industry that takes full advantage of the island's physical location, natural security, low crime rate and financial services know-how, as well as its own tax system. For those lucky enough to live on the rock, there are no inheritance taxes, CGT or VAT, but even those who are not Guernsey residents can enjoy the benefits of the latter when investing. Customers who buy and store their physical bullion in Guernsey suffer no VAT on their purchases. Furthermore, UK tax-payers can choose to take advantage of UK CGT exempt gold and silver bullion coins that each enjoys a UK government assurance of weight and purity.

Fully insured storage on the island costs about the same as the management expense ratio of a typical investment collective scheme and investors should sleep easily knowing that their physical bullion, in the exact form bought, is held just a short flight from the mainland.

  

Robin Newbould is MD of BullionRock

 

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Sunday June 22, 2014 by Robin Newbould