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Importing Gold from Italy to the UK

Tyk

LE
I have 2lbs shits all the time, the feckin lightweight

I dread to ask, how do you measure that?

As to the original question if the provenance is limited to none I'd be a tad cautious about it, being caught with a kilo of gold going cross border you can't account for could be a real source of pain. I'd talk to a proper bullion dealer or at least get advice from an import/export agent.
 
Do it legally, via declarations in both Italy and the UK. Failure to do so, and subsequently being caught (likely when you attempt to sell it via a legitimate avenue), will make your life an absolute misery and will be something you will forever regret.

Either a) it's legitimately owned and you can rightfully sell it, or b) it's illegimately owned and you cannot rightfully sell it.

If attempting to dispose of it, and dealer suspicions are raised and reported, it will probably be seized under the Proceeds of Crime Act, where the burden of proof is reversed and you will be landed with a "please explain" order on the origin of the asset. That's the least of it, because your entire financial life will be examined in minute detail, at great personal cost to you.

Tread very carefully.
 
One of the reasons individuals don't hold physical gold, is that it is too much hassle in a number of ways. Coins are easier, but there is a big mark up when buying/selling.

The first question is; was it inherited legally? Was it declared as part of the deceased estate, for inheritance tax (or whatever the rules are in Italy).

It will be difficult to sell legally in the UK, if you cannot prove that you acquired it legally, and you have the legal right to ownership.
 
Unusual one Gents.

My father in law in Italy has a kilo of gold inherited from his now deceased father. It's provenance and purity is unknown and unknowable at present. The price being what it is he is keen to cash it in but is wary of doing so in Italy due to Italian money laundering rules.

There seem to be no rules stopping the importation of gold into the UK but how best might he go about it? It seems easy enough to carry gold on any international airline but there might well be difficult questions to answer when it pops up on the hand luggage scanner in Pisa airport so another form of transport will be needed.

The vague plan is to drive down and spend a few days in Tuscany, (no hardship there), and come back with the gold in the luggage, avoiding Switzerland who can be funny about these things I gather. Get it to a respected metal refiners in the UK, have it's value deposited in a UK bank account in his name after which he can do as he sees fit with it.

I have no interest in this apart from trying to help him out a bit.

Any holes in the plan? Might there be any tax implications?
Just remember, "Tomorrow Belongs To You".

Rough undocumented Italien gold is either the fillings from jewish nazi victims or mafia 'investments'.
A few grams would be excusable, an undocumented kilo is not so much a red flag, but a huge, rainbow coloured "Bent Money Here" flag.

Happy to help.
 

soleil

War Hero
Unusual one Gents.

My father in law in Italy has a kilo of gold inherited from his now deceased father. It's provenance and purity is unknown and unknowable at present. The price being what it is he is keen to cash it in but is wary of doing so in Italy due to Italian money laundering rules.

There seem to be no rules stopping the importation of gold into the UK but how best might he go about it? It seems easy enough to carry gold on any international airline but there might well be difficult questions to answer when it pops up on the hand luggage scanner in Pisa airport so another form of transport will be needed.

The vague plan is to drive down and spend a few days in Tuscany, (no hardship there), and come back with the gold in the luggage, avoiding Switzerland who can be funny about these things I gather. Get it to a respected metal refiners in the UK, have it's value deposited in a UK bank account in his name after which he can do as he sees fit with it.

I have no interest in this apart from trying to help him out a bit.

Any holes in the plan? Might there be any tax implications?

Ancient

I've been pondering on the best way forward for this one.

I think that there are two questions, one is about the logistics of getting the gold to the UK, but the more important one is about whether you would be infringing Italian or UK law by doing this.

I wondered who would be able to advise on this and it struck me that the British Embassy in Rome might be able to advise. They would know about Italian limitations on the export of gold and also, as part of a UK Government Department, about the law on the import of gold.

The e-mail address you would need to put this to the Embassy is, I gather:

inforome@fco.gov.uk
 
Ancient

I've been pondering on the best way forward for this one.

I think that there are two questions, one is about the logistics of getting the gold to the UK, but the more important one is about whether you would be infringing Italian or UK law by doing this.

I wondered who would be able to advise on this and it struck me that the British Embassy in Rome might be able to advise. They would know about Italian limitations on the export of gold and also, as part of a UK Government Department, about the law on the import of gold.

The e-mail address you would need to put this to the Embassy is, I gather:

inforome@fco.gov.uk
Gold in that quantity is as bent as a Turks slipper.
 
Cant you get it fabricated into a body panel of your vintage rolls royce and just drive it over the border.
OddJob_-_Goldfinger_(1964).jpg
 

The trick is getting the walk right.
Rookie error, he should have made the ingots phallus-shaped.

It would have been easy, after all Dubai is full of 24-carat dildos.
 
If driving home don't forget those BFO x-ray machines at the ports.
I got a tug from the Cussies with a garage sized air compressor in the car a few years ago now, density of metal triggers them apparently.
(Used it to clear the heating oil line from the barn)
 

Postage might be a bugger though and you run the risk of Postman Pat running off for a very long holiday with his cat
 
Ancient

I've been pondering on the best way forward for this one.

I think that there are two questions, one is about the logistics of getting the gold to the UK, but the more important one is about whether you would be infringing Italian or UK law by doing this.

I wondered who would be able to advise on this and it struck me that the British Embassy in Rome might be able to advise. They would know about Italian limitations on the export of gold and also, as part of a UK Government Department, about the law on the import of gold.

The e-mail address you would need to put this to the Embassy is, I gather:

inforome@fco.gov.uk
 
Do it legally, via declarations in both Italy and the UK. Failure to do so, and subsequently being caught (likely when you attempt to sell it via a legitimate avenue), will make your life an absolute misery and will be something you will forever regret.

Either a) it's legitimately owned and you can rightfully sell it, or b) it's illegimately owned and you cannot rightfully sell it.

If attempting to dispose of it, and dealer suspicions are raised and reported, it will probably be seized under the Proceeds of Crime Act, where the burden of proof is reversed and you will be landed with a "please explain" order on the origin of the asset. That's the least of it, because your entire financial life will be examined in minute detail, at great personal cost to you.

Tread very carefully.

What he said, but I would err on the side of caution and declare a portion of it, perhaps 25% and see what happens.
Keep the other 75% in the toilet cistern just in case.
If you lose the first 25% you may have to re-cast the remainder into a kettle bell and bring it home with other exercise equipment!
 
Do it legally, via declarations in both Italy and the UK. Failure to do so, and subsequently being caught (likely when you attempt to sell it via a legitimate avenue), will make your life an absolute misery and will be something you will forever regret.

Either a) it's legitimately owned and you can rightfully sell it, or b) it's illegimately owned and you cannot rightfully sell it.

If attempting to dispose of it, and dealer suspicions are raised and reported, it will probably be seized under the Proceeds of Crime Act, where the burden of proof is reversed and you will be landed with a "please explain" order on the origin of the asset. That's the least of it, because your entire financial life will be examined in minute detail, at great personal cost to you.

Tread very carefully.
not strictly true. Gold coins can be sized under POCA on a face value basis, Gold cannot. I did have literal experience of this with a retired banker once. The Value of the coin for POCA is not the gold value it's the face value and POCA specifies what can be seized. In other words if the face value of the coin is below de minis it can't be seized using ,POCA but it can be used for distraint purposes- wrongly in my view.
This sounds like a small "hedge bar". The Japanese used them as well. They were cast from gold during the war in an attempt to have some value after the war when there was no money or inflation took hold. How the Italians would react if detected I cannot say. It can however be classified here as an a attempt to smuggle, in which case s 49 CEMA improperly imported comes into play. The answers in the interview will determine the course of action, unless you're thinking of an . unexplained wealth order, but that's another matter and a recent development of which I have no experience. Otherwise bang on
 
OP

If you intend to sell the gold (and I assume you do) there are plenty of large jewellers in Wembley who will take it off your hands,

Sell it to them in Italy and let them sort out the impex.

Fifty grand's worth of gold is bread and butter to them.

If you had a million quids worth you could always do the old gold/VAT scam.
 

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