Reduce VAT on Silver Bullion & Coins

Responsible department: Her Majesty's Treasury

Precious metals for investment purposes like gold are not subject to VAT. Silver however attracts full VAT of 20%. In many countries there is no VAT or sales tax on investment grade precious metals including silver. Across most of the EU silver is rated at lower VAT rate of 7%. UK residents pay 20% VAT on purchasing silver for investment but pay 7% if bought in the EU. This seems very unfair for investors wishing to hold silver rather than gold.