How does VAT-Free silver storage work?
All VAT free bullion will be automatically vaulted with Loomis International in a dynamically allocated basis in Switzerland
Who are Loomis?
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.
How does dynamically allocated Storage with Loomis work?
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.
Why don’t I have to pay VAT on my silver & platinum purchases when my bars and coins are bought and then vaulted with Loomis in Switzerland?
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.
How are the storage fees calculated and charged?
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. For further information, please refer to the storage fees page.
Will you buy back my VAT Free bullion held in storage with Loomis?
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.
Can I have my goods delivered from the Loomis vault Switzerland?
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.
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.
How long will it take for bullion to be delivered?
In normal circums
Will VAT become payable If I take delivery of my bullion?
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.
How will the VAT be calculated if I request delivery?
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.
Can I store goods previously purchased from you or elsewhere in the Loomis vault?
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.
How are the storage fees calculated and charged?
Storage Fee(s) are calculated based on the daily Insurance Value of your holding for the period being billed. If you hold goods in both the Brinks and Loomis vault you will only be charged one storage fee based on the combined metal 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.
What is the daily Insurance Value?
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.
How do I pay for my storage account?
Storage fee(s) are taken regularly by Direct Debit. Following your first storage
How do I pay my monthly storage fees?
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.
How do I check my holding in Storage?
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.
What are my Linked Address and my Linked Bank Account?
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.
What documents can I provide for identification purposes
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). You must send us a physical copy in the self-addressed envelope.
If we are unable to identify you we make request further information, including certified identification.
What if I move house or change my bank details?
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 certified copy of your ID.
What is my Account Card for?
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.
What if I lose my Account Card?
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.
Can I set up a storage account in joint names?
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.
Can I set up a VAT Free storage account for my company?
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.