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Precious Metals

  • 17-04-2013 5:51pm
    #1
    montreal2011
    Registered Users, Registered Users 2 Posts: 295 ✭✭


    I would like to know what duty or tax might be applied to the import of precious metals.

    I am an Irish citizen but am currently living in Canada.

    I would like to bring one ounce of gold and one ounce of platinum from Canada into Ireland as gifts for my nephews. The gift tax is a separate issue, I can find the thresholds for giving gifts to family members on the revenue website.

    However, I am more concerned with customs at the airport. It mentions that cash over 10k must be declared and I know that other consumer products can have duty to be paid, but it's not clear how precious metals may be treated or if any tax / duty will be applied.

    I have emailed customs to ask and I will post their response here, but in the meantime, maybe some boardsies have some experience or knowledge of this.

    I also know that there is no duty to be paid when crossing the USA / Canada border, but it's best to declare it as it may be confiscated if they suspect money laundering or such things.

    EDIT: I found some info which states that gold has 0% VAT in Ireland, but silver is at 21%, which Capital Gains Tax is 25% for both.

    https://www.goldbroker.com/precious-metals-taxes-uk-usa-ireland-switzerland-europe.html

    This would indicate to me that I would have zero duty to pay on Gold, but I would have to pay 21% on the silver. Is this correct?

    Also what about platinum?

    From another site, it seems that purity also affects the tax, but this is in the USA.
    Do I have to pay TAX on bullion orders?

    Tax is only only applied on precious metals that are less than 99.99% purity. There is no taxes are not charged on 99.5% + pure for gold bullion and 99.9% for silver, platinum and palladium bullion.

    https://a-preciousmetals.com/faqs


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