VAT Free Silver
How to Buy VAT-Free Silver
Unlike gold, silver coins and bars are liable for VAT in the the UK. Scottish Bullion began offering our clients the opportunity to invest in VAT-free physical silver in response to an increase in demand for silver during 2020. Silver may be bought through Scottish Bullion and stored at a globally renowned secure bonded warehouses in Zurich, Switzerland. Alternative VAT-free storage locations are available in London and the Cayman Islands. In addition to being VAT-free, the larger bars available at Zurich can offer Scottish Bullion clients the most competitive price for silver.
Any silver purchased through Scottish Bullion can be stored in these warehouses without incurring VAT, as long as the silver does not leave the warehouse. The silver may be sold back to Scottish Bullion at any stage to Scottish Bullion without leaving the warehouse, thereby ensuring VAT never has to be paid on the investment.
Scottish Bullion does not offer any ‘paper silver’ services, and any silver purchased is fully allocated in the name of the client. Should customers wish to take possession of their silver in Scotland, it will be possible for Scottish Bullion to arrange for the transportation of the silver from Zurich to our premises at Glasgow Vaults or Edinburgh Safe Deposit for storage or collection by the client. Please note that VAT will be due on any silver withdrawn from the warehouse.
Scottish Bullion’s holdings are audited annually and evidence of storage can be offered to the client in the form of a signed copy of the independent auditor’s report.
Clients are charged a quarterly storage fee of 0.25% of the value of their silver. The value of the silver is calculated as an average of the daily silver price published by the London Bullion Market Association (LBMA), which is published on their website.
