FAQs - VAT-Free Storage
How does storage work?
All VAT-free products will be automatically stored in a bonded vault on a fully allocated basis.
Storage fees will be charged, per month via direct debit, based on the total value of your holding. For more information please refer to the
storage fees page.
How does VAT-free allocated storage work?
Your silver will be stored in a bonded vault operated by an LBMA member. Your holding is legally yours and 100% backed by the relevant precious metal.
Your silver will be fully insured and regularly audited by a third party. Your VAT-free silver will be stored in segregated secure bags uniquely identifiable and linked to your customer storage account, giving you further peace of mind that your metal is stored safely and securely in your name.
Where will my VAT-free silver be stored?
Currently all VAT-free 1oz silver Britannia coins and 1kg silver bars will be stored with our vaulting partner Brink's in Switzerland.
Who are Brink's?
Brink's have a long history of vaulting and transporting precious metals and Switzerland is considered one of the world’s most trusted locations for buying and vaulting precious metals.
Which products can I store with Brink's in Switzerland?
Only products classified as VAT-free can be stored in Switzerland. This includes
1kg silver bars
and
1oz Silver Britannia coins.
Why don’t I have to pay VAT on my silver purchases when buying VAT-free products from you?
You are not required to pay VAT on silver purchases when your metal is bought and then stored in an accredited Bonded Vault.
VAT will become payable if you later request delivery of your goods.
How are the storage fees calculated and charged?
Fees for storage are calculated based on the daily Insurance Value of your holding for the period being billed. For further information please refer to the
storage fees page.
Do you buy back goods that are held in VAT-free storage?
You can sell back items held in
VAT-free storage
by calling our customer support team during 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 VAT-free goods delivered?
You can have goods purchased as whole units delivered (currently 1oz Britannia coins and 1kg bars), however, they will be subject to VAT and a delivery charge at that time. To request delivery of your metal please call our customer support team during normal office hours to agree the price and the delivery charges. See our storage fees page for more details.
Note: The delivery charges published on our website and on the storage fees page are for guidance purposes only and are subject to change.
To enable us to deliver your goods in an efficient and cost effective way we may deliver your precious metals from stocks held at a number of different locations, including those in the United Kingdom and Switzerland.
How long will it take for goods previously classified as VAT-free to be delivered?
In normal circumstances we aim to deliver your goods to your linked address within 5 working days. During exceptional market conditions or for large orders this time frame may be extended.
If I take delivery of my precious metals will VAT become payable?
When you elect to have your precious metals delivered you will have to pay VAT. We will calculate, charge and collect the amount of VAT payable prior to delivery based on the selling price for the goods at time of arranging delivery.
How will the VAT be calculated when requesting 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.
If the goods 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 Brink's vault in Switzerland?
You are unable to deposit any products you have previously bought into the Brink's vault in Switzerland. In addition, you are unable to transport or transfer goods stored in one vault to another.
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?
Payment for storage is by Direct Debit. Following the placing of your first storage order you will be advised of the date of the first payment which will normally be within 2 months of the date of placing your first storage order. Thereafter, your payments will be monthly in arrears.
You will be notified at least 10 days in advance of any Direct Debit collections with details of the payment date and amount as calculated based on your daily Insurance Value in storage. If you hold goods in both the Brinks London and Zurich vault you will be charged only one storage fee based on the total value of your metals across both vaults.
How do I check my holding in Storage?
You can log in to your account online at any time to view your current holdings in storage, as well as to view a history of all orders completed and in process. Please note that your order may take a few days to appear in your account marked as stored due to the physical allocation of products involved.
All the items stored at Brink's are subject to a review by independent auditors Rödl & Partner to give extra peace of mind.
What are my Linked Address and my Linked Bank Account?
These details will be used for any physical deliveries out of storage (Linked Address) or for remitting proceeds from any sale of your goods (Linked Bank Account) so, for your own security, it is crucial that the details we hold are accurate and up-to-date. This information will be requested when you place your first storage order with us and we will require copies of ID to validate it before any delivery or payment can be made to you.
What are copies of ID?
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 change the Linked Address or Linked Bank Account in the future you will need to notify us immediately and, for your added security, you will need to send us your Account Card along with a new certified copy of ID.
What is my Account Card for?
Following your first Storage order with us, we will send you a unique Account Card in the post with your Welcome Pack. It is very important that you keep it safe as this card will be used as an additional layer of security when making changes to your account, such as changing the Linked Address or Linked Bank Account details.
What if I lose my Account Card?
It is your responsibility to notify us as soon as you become aware that your Account Card has been lost as this card is important when changing details on your account such as Linked Address or Linked Bank Account. Simply contact our Customer Support team who will cancel the old card and talk you through the requirements to issue a new one.
Can I set up a storage account in joint names?
It is possible to set up a storage account for joint holders although we will require Certified ID of all named parties who will be able to issue instructions on the account. Please note that 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 storage account for a company?
You can set up a storage account on behalf of a company, but there will be additional ID requirements. We will need 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 identification of a director. The account will be operated on a sole authority basis with any individual we hold ID for accountable for the ongoing administration of the account.
