gold and EORI number query

[snowdrop]

we have perth mint certs that we're thinking of converting to bullion and taking possession of. I've been told we'll need a customs/revenue EORI number to import it.

This means giving the state all our personal details, pps numbers etc which we're uncomfortable with. We aren't trying to avoid CGT as there is no gain, in fact there's a substantial enough cost to fabricate and ship and we have no plans to sell. I just don't like the fact that the state knows so much.

Can anyone confirm this EORI registration need and when did it become a legal requirement. Thanks

 

[Radiowriter]

Hi Snowdrop,

I have Perth Mint Certs and and wondering if any reason to take possession of the gold given the shipping costs? I don't have approperiate storage facilites so am happy with the Cert. Can the supplier of the certs not answer the Revenue questions?

 

[callybags]

we have perth mint certs that we're thinking of converting to bullion and taking possession of. I've been told we'll need a customs/revenue EORI number to import it.

This means giving the state all our personal details, pps numbers etc which we're uncomfortable with. We aren't trying to avoid CGT as there is no gain, in fact there's a substantial enough cost to fabricate and ship and we have no plans to sell. I just don't like the fact that the state knows so much.

Can anyone confirm this EORI registration need and when did it become a legal requirement. Thanks

The state issues you with your PPS number so I fail to see how your concerns are justified.

 

[snowdrop]

hi callybags - I don't think you understand the issue.

Right now the state's only interest in the perth mint asset would come when we come to sell and any relevant CGT. There's no duty on gold, no dividend etc so it's a private asset not attracting any tax liability in its non-traded state. to convert to bullion and import means supplying an EORI number, to get this we have to supply our PPS numbers and address etc - and the import documentation would give the content details.

It is not out of the realms of possibility that the state could at some point in the future, limit or remove the right of private individuals to own gold and other commodities - as has happened in China and the United States and other jurisdictions.

This is why we're uncomfortable with the PPS requirement of the EORI registration.

Just to be clear: the perth mint certs investment was made with a small legacy and after tax savings - there is absolutely nothing dodgy going on. we just like our privacy.

 

[snowdrop]

hi radiowriter

we're just looking at the options; the reassurance of having physical possession rather than certs. Having a hard time trusting anyone any more . . . sorry

 

[max]

You could just travel there and bring it back yourself.

It is not out of the realms of possibility that the state could at some point in the future, limit or remove the right of private individuals to own gold and other commodities - as has happened in China and the United States and other jurisdictions.

Doubt it - governments are attempting to ENCOURAGE gold purchasing the world over atm.

 

[snowdrop]

Update: applied for EORI number from revenue.
Was advised by them that EORI registration is NOT required for private individuals making one-off importations. Detailed response below from revenue. I hope this information helps others.

"Under EU Regulations Economic Operators are required to possess an EU Customs identification number (EORI number). This number along with specific details are stored on a Central Database in Brussels that can be interrogated by EU Customs Authorities.

An economic operator in EU terms is defined basically, as someone who in the course of their business interacts with EU Customs Authorities on a regular basis. In Ireland, when we allocate an EORI to an economic operator, we base it, in the majority of cases, on the same characters as a traders VAT number. This decision was taken, in part, after consultation with Irish Traders. Before we proceed with processing your application can you please clarify the following:

1. If you are registered for VAT.
2. By requesting an EORI number you are giving an indication that you intend importing into the EU (or exporting out of it) on a regular basis for business purposes. Can you confirm this.
3. In general, we do not register for EORI private individuals who intend undertaking an importation into or an exportation out of the EU on a once off basis. Can you confirm if the proposed Customs transaction you intend carrying out is a once off one and is for private (not business) purposes only."