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Popular questions
Would I need to pay VAT on my bullion purchase?
There is no VAT payable on gold products in the UK or the European Union. All other bullion products are taxable with VAT. For more information call 020 4541 4145 or send us an e-mail to tavex@tavexbullion.co.uk.
Would I need to pay CGT on my purchase?
Capital Gains Tax (CGT) is a tax on the profit when you sell something that’s increased in value. This has to be paid from any profit you make that is larger than the yearly allowance of £3,000 (HMRC.)
All coins produced by the Royal Mint that qualify as British legal currency are exempt from Capital Gains Tax.
See our selection here.
The basics: what is spot, bid & ask, spread and premium?
Before purchasing in precious metals, make sure you know the basics.
What is spot? bid & ask? spread and premium?
The spot is the current market-clearing price of gold or silver set by supply and demand factors in the global financial markets. Spot price refers to 1 troy ounce of .999 fine gold or silver.
The bid (or buy as a layman’s term) is the price at which market participants, such as Tavex, are ready to buy gold or silver at any given time.
The ask (or sell as a layman’s term) is the price at which market participants, such as Tavex, are ready to sell gold or silver at any given time.
The spread is the difference between the ask and the bid price. For example, if the bid for a 1-ounce British Britannia gold coin is £1,400 and the asking price is £1,410, then the “bid-ask spread” is £10. A low bid-ask spread is often a good indicator of high liquidity. Products with high liquidity, such as the Gold Britannia coin, will have a lower bid-ask spread than other lesser known gold coins. This means that you will save money when trading in and out of your purchase.
A premium is added to cover the cost of the production and distribution of the item. Every product that Tavex sells comes with a premium. The premium is calculated by taking the price of a product minus the spot price of the metal. For example, if the current spot price of gold is £1,420, and if Tavex sells a 1oz Gold Britannia for £1,470, then the premium is £50 or 3.5%.
If you have any further questions, please feel free to Book a consultation or Contact us.
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