Gold coin import

[alfnail]

Could anyone advise tax position if I were to win a gold coin in a USA auction please? I. E. Will import tax be payable, or is gold treated differently to my previous bronze / copper purchases? Thanks in advance

[Kipster]

I believe gold is treated differently, as I asked the same question to the auction house when I was bidding on something over there. They have a branch here in the UK, and this was their reply:

"...There is also an import duty of 5% on coins that are not bullion. If they are bullion, there is no import applicable."

That said, maybe it's because they have a branch here that they are able to do this by getting the coins shipped office to office. I wouldn't like to categorically say no. Sorry if that's vague.

[Rob]

There's no VAT on investment gold. It depends on what the coin is. I think investment gold goes back to the introduction of the sovereign in 1817. If you look at past catalogues, then these onwards have a g against the lot indicating they are investment gold, but up to the end of the 18th century it may well apply at the 5% rate.

[alfnail]

Thanks Rob. It's a 1996 coin 99.9% gold (1000 minted) with bullion value approx $1600. Sounds like it should be zero vat then, do you agree? 

[Rob]

I think it should be zero VAT. The main thing is that it is recorded as investment gold on the import paperwork.

[alfnail]

I was the under bidder, so won't find out for sure this time