Brexit and ancient coin trade - Implications

I don't think it would make much difference to describe it either way. Postal services consider currently circulating money as a prohibited item, but not obsolete currency. Obsolete coin would also be ok. Gift or merchandise is a red herring as imported gifts are also subject to the same duties - ask various celebrities who have proudly shown off a ring bought abroad when they got engaged/married. HMRC also watches the news.

If you want it insured, then the value on the customs label will have to agree with the value. If it is over the nominal value then duty is payable.

 

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That will be partly offset by VAT on exports not being charged. I doubt you will boycott UK sales, instead you will work out how much things will cost in total and bid accordingly - just as you currently do for imports. Exchange rates fluctuate all the time resulting in modified behaviour even within a stable taxation system. If exchange rates can move up to 20 or 30%, this is on a par with the VAT applied.

 

I won't be boycotting, but my bids will be lower. VAT is now charged on the premium, but will be on the whole amount on imports, so it will be significant.

Also, CNG has been, for the last few years, sending coins through the UK, so I pay 5%. If they return to posting directly, I may pay nothing or 21/23%.

We'll see what happens!
ATB,
Aidan.

 

If they are a temporary import for an auction then no tariffs are applied at the point of entry. If sold within the country where the auction is taking place then for UK sales that means an extra 5% is charged on the hammer price, being the amount due as import VAT. That 5% is waived if the lot is re-exported as is the VAT on the buyer's premium. If the goods are unsold then they are returned to the country of the consignor and no duties are payable anywhere given the correct documentation. Lots that fall under this scheme are identified by a marker against the lot number in the catalogue.

On the second point, the EU was founded by the 6 original countries for their own benefit, partly political and partly economic. De Gaulle's vision most emphatically did not include the UK as part of the mix because he famously said 'Non' on many occasions. It is still the property of the founding six. Any benefits to later members are an unplanned consequence, the main beneficiaries in the first place being the original countries who by allowing new entrants have created a semi-captive market for their own goods. In the case of supporting smaller countries and EU handouts, the cost of a billion euros here or there is a small price to pay for the effective exclusion of much meaningful competition. The UK has never been a net beneficiary of any EU handouts. Except for the adjustment at the end of our first partial year of membership, we have only ever paid in more than we received back. If you join a club and pay a membership fee, then you expect to see a benefit. From my perspective the only good thing to come out of the EU was my wife - and that didn't need Brussels' approval.

 

That sounds like the problem is with the Irish taxation rules and the way it treats VAT on antiquities. If you bought a lot in an Australian sale for example, would they still charge 21/23%? Not sure how it could swing between nothing and 23%? Either they have import duties or they don't.

 

She'll say that ad infinitum because she has a continuous loop tape inside her. If she really wants independence, then extend the vote to include the north of England as they will happily vote for it. Maybe tongue in cheek, but for decades a disproportionate amount of public funding has winged its way to Scotland under the Barnett formula, studiously avoiding the old industrial areas that would like to see investment. Funnily enough the same areas that most enthusiastically rejected the EU. And therein lies one of the reasons for the way various parts of the UK voted.

 

The rates are high - currently VAT is 21% and it will revert to its previous value of 23% at the end of Feb. 2021. They either charge it or they ignore the package. In principle, they charge it above some amount, but often don't seem to bother.

Most of the time on coins from the U.S., I've paid nothing, the other times I've had to pay. Since CNG has been routing coins through London, I've paid 5% on any coins from them. I've never bought any coins from Australia, as it happens.

In principle, they will charge 23% on goods from the UK assuming the UK is out of the Customs Union on 1st January - as you say, UK VAT will be subtracted, but this is only charged on the buyer's premium in the case of auctioned coins, while the 23% will be on the whole amount.

MayI be the first to suggest that the London-based auction houses move to Dublin

ATB,
Aidan.

 

..i think the postal service is how the Queen makes her pawn payments on the family jewels...

 

Or Ireland either removes such a punitive tax, or move. My gosh, 23% tax on a purchase made with after tax money......ridiculous. I get mad as heck when they want to charge 7.5% sales tax on coins in my state. I have them mailed to relatives in states that do not charge sales tax on coins.

 

Grumble - got an invoice today from FedEx for a lot from Roma received last month for 23% VAT, plus €15 processing fees, plus 23% on the processing fee

An extra €301.36 all told - this is the first time I've had to pay since Brexit kicked in - I've received several other lots sent by regular post since January from Naville, DNW & Baldwin's and haven't been charged anything on them. Guess I'll have to request regular post or stop bidding!

ATB,
Aidan.