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0121 369 3000
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Updated 10:42 28/01/20
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Understanding VAT-Free Storage
Storage & Payment Fees
Understanding VAT-Free Storage
All VAT free bullion will be automatically vaulted with Loomis International in a dynamically allocated basis in Switzerland
Loomis International are widely considered as market leaders in providing secure storage and security solutions to banks, financial institutions and private individuals.
Loomis International are approved by the London Bullion Market Association and employee 21,000 people in over 20 countries.
Your silver and platinum will be automatically stored with Loomis International in a professional vault in Zurich Switzerland. Your holding is legally yours and 100% backed by the relevant precious metal.
Your bullion will be fully insured and regularly audited by a third party and for every coin and bar you own there will always be an equivalent number of bars and coins professional stored.
Your precious metals will not be individually packaged or segregated and your holding will not relate to a specific coin or bar.
You are not required to pay VAT on silver and platinum purchases when your metal is purchased and then stored in an accredited vault outside of the EU. VAT will become payable if you later request home delivery of your metal.
You can sell back your bars and coins held vaulted with Loomis by calling our customer support team during normal office hours to agree a price, and subject to certain security checks we will arrange for payment to be made to your linked bank account.
A full schedule of the fees and rates for storage can be found on the storage fees page. The fees and rates may vary from time to time in line with market conditions and are not guaranteed.
Yes, you can have them delivered to your linked address, however, your bullion will be subject to VAT and a delivery charge. To request delivery of your bullion please call our customer support team during normal office hours on 0121 369 3000 to discuss delivery timescales and delivery charges. See our Storage Fees Page for further details.
Please note: The delivery charges published on our website and on the storage fees page are subject to change and are published for guidance purposes only.
To enable us deliver your bullion in both an efficient and cost effective way we may choose to dispatch your precious metals from stocks held at number of different locations, including those in the United Kingdom and Switzerland.
In normal circumstances
When you decide to have your bullion delivered you will have to pay VAT before delivery. We will calculate, charge and then collect the amount of VAT payable prior to dispatch.
The amount of VAT payable will be based on the current net price of the goods you want delivered as published on the website you originally purchased your goods. The net price incorporates the current metal price and the current product sales premium as displayed on our website.
If the products, you want delivered are no longer published on the website you originally purchased your goods. The VAT payable will incorporate the current underlying metal price and the product sales premium paid on the day you originally purchased your goods.
Storage & Payment Fees
Unfortunately, you cannot vault bullion you have purchased previously into the Loomis vault in Switzerland. You are also unable to transport or transfer goods stored in one vault to another.
Fees for storage are calculated based on the daily Insurance Value (AIV) of your holding for the period being billed. If you hold bullion in both the Loomis and Brink's vault you will only ever be charged one storage fee based on the combined value of your goods across both vaults.
A full schedule of the fees for storage can be found on our VAT Free Storage Fees page.
The daily Insurance Value of your holding is calculated based on the pure precious metal weight of your holding each day multiplied by the PM fix metal price as quoted by the LBMA (http://www.lbma.org.uk) and uplifted by the percentage premium you originally paid for your specific product. This is billed monthly in arrears based on when your goods are first allocated for storage.
Storage fee(s) are taken regularly by Direct Debit. Following your first storage
You will be notified at least 10 days in advance of any Direct Debit collections outlining the payment date and amount payable as calculated based on your Daily Insurance Value of your metal. If you have bullion vaulted with both Loomis and Brinks you will be charged only storage fee based on the total value of your metals across both locations.
You can log in to your online Gold.co.uk account at any time to review your holdings, as well as to review the history of your orders. Please note, it may take a few days for your storage order to be marked as fully stored due to the physical nature of the products involved.
These details will be used if you elect to take physical delivery of your bullion from the vault in Switzerland. (Linked Address) or for transferring sale proceeds (Linked Bank Account). For your own security, it is imperative the details we hold are both and accurate and up-to-date. We will request this information after you have placed your first VAT-Free storage order with us and we will require copies of Identification to validate it before any delivery or payment can be completed.
It is a copy of one piece of photographic identity (e.g. passport or driving licence) and a copy of one household bill to prove your address, dated in the last 3 months (e.g. utility bills & bank statements).
If you wanted to amend your Linked Address or Linked Bank Account you will need to contact us immediately and, for your added security, you will need to post us your Account Card along with a new copy of your ID.
Following your first VAT Free Storage order, we will post you a unique Account Card along with your storage Welcome Pack. It is imperative you keep this card in a safe place as this card will be used as an additional layer of security when making any amendments to your account, such as changing the Linked Bank Account details or Linked address details.
You must contact us as soon as you become aware that your your Account Card has been lost. As your account card is important when changing details on your account such as Linked Address or Linked Bank Account. Please contact our Customer Support team during normal office hours who will cancel the lost card and talk you through the process to issue a new one.
Yes, you can set up a storage account in the names of more than one person, although we will require identification of all named parties who will be able to transact on the account. Please note, a joint account can be operated by any individual we hold ID for against that account on a sole authority basis.
You can set up a storage account on behalf of a company, but there will be extra identification requirements. You will need to supply copies of the Company's Certificate of Incorporation and VAT Certificate, a bank statement / utility bill in the name of the Company, a brief description of the nature of the business along with ID of a director. The account will be operated on a sole authority basis with any individual we hold ID for against that accountable.