Currently there is no reporting of your BullionVault business while your gold is maintained within a professional market vault in the normal BullionVault way. Wherever you live your trading activity and gold ownership are not reported to any authorities, anywhere in the world. Nevertheless there are some issues you should understand.
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Does BullionVault report to the IRS
BullionVault, owned by Galmarley by Limited, is simply registered in the UK. While UK citizens may be required to report additional questions regarding their activities to BullionVault, BullionVault does NOT report your trading activities and gold holdings to any authority, nor does it issue Form 1099 to US citizens.
What is the VAT on BullionVault
VAT is never charged on gold bought, sold or paid for through BullionVault. 2. VAT is never charged on silver and platinum purchased from BullionVault and the marketplace, but 20% VAT will be charged if the public withdraws them from circulation. For this reason, almost no one dares to withdraw money or gold.
Who are BullionVault’s assayers and auditors
BullionVault’s independent auditors are Alex Stewart International, who annually review the physical data stored in the vault against a list of local bars and report directly to BullionVault’s auditor, Armstrong Watson, who publishes your report on a dedicated website.
How do I validate my BullionVault account online
To complete online verification, log in to your company’s BullionVault account, select AND ACCOUNT VERIFICATION, and follow the instructions. We may ask you to upload scans and digital photographs of certain documents: Proof of presence.
Is BullionVault regulated
BullionVault is governed by English law. Regulatory responsibility lies with three independent policy enforcement entities: (i) the investigative agency, (ii) the law enforcement agency, and (iii) the criminal courts. The investigating authority is actually the London Metropolitan Police.
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Are bullion sales reported to IRS
When a buyer sells a reported amount of a particular bar or coin, precious metal dealers must file Form 1099-B with the IRS. Failure to comply with reporting requirements can typically result in IRS fines or actual criminal charges against both the beneficial metal trader and the affected customer.
How much gold can I sell without reporting
Dealers in precious metals are required to report every transaction in which a customer has made a cash payment of $10,000 or more. Also reportable are all sales made within 24 hours that amount to or exceed $10,000.
Do I have to pay tax on gold bullion
Reason: The US Internal Revenue Service (IRS) classifies gold and other precious metals as “collectibles”, each subject to a 28% tax rate on long-term capital gains. Capital gains on most other assets held for more than one year are subject to long-term capital gains of 15% or 20%.
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