Can I buy in UK any amount of gold with cash?

If you’re interested in buying gold, you should know that there are some regulations you need to be aware of. First of all, if you want to purchase any amount of gold with cash, you can do so. However, if the amount you’re buying is more than $10,000 worth of gold with cash or cash equivalents, you’ll need to fill out a Form 8300. This form requires basic information such as your name, address, and social security number. If the dealer fails to present you with this form, they could face fines up to $25,000.

If your business operates as a high value dealer, you may also need to register with HMRC. A high value dealer is any business or sole trader that accepts or makes high value cash payments of 10,000 euros or more (or equivalent in any currency) in exchange for goods. In such cases, due diligence must be complete, and appropriate ID needs to be taken. A $9,999.99 purchase is almost certainly going to be reported by your dealer so that they avoid being hassled by the IRS if they notice that they didn’t report essentially a $10k purchase. Reporting a $10k purchase is the “minimum” requirement of dealers, but they usually report purchases where it seems like the person was ducking the $10k regulation amount.

But can you buy gold anonymously?

In most cases, you don’t need to report a gold purchase, especially if you intend to sell the items online or via a physical establishment. However, the seller must disclose the purchase to the Internal Revenue Service (IRS) for tax purposes.

As a former bank teller, there are a looot of things done behind the scenes people don’t realize. Everyone knows the 10k thing, but we also have to report it if it’s just under the limit, especially if we believe it was done intentionally. The 10k is a 24 hour thing too btw, so if you deposit or withdrawal 8k at 10am on Tuesday, and then withdrawal 3k at 9am on Wednesday, it still counts. We also had to watch accounts for atm deposits and withdrawals (kiting risk). Wires are reported on different limits based on if they are domestic or international. Plus, questions are always being asked. Sometimes its obvious, but often it just seems like smalltalk. It may seem like you have a great relationship with your bank, and maybe you do, but tellers are always listening to their gut to flag anything that may be suspicious.

Liam Fox

It’s important to note that the Money Laundering Regulations 2007 require due diligence to be conducted when carrying out an occasional transaction with a customer valued at €10,000 or more. This includes a single cash payment of 10,000 euros or more for goods, several cash payments for a single transaction totaling 10,000 euros or more, and cash payments totaling 10,000 euros or more that appear to have been broken down into smaller amounts to avoid the high-value payment limit. You need to watch out for “ducking” too. If a bank/seller thinks you lowered your amount just to avoid the $10k limit, then they still have to report it. So $9,999 may still get reported; $8,000 probably won’t.





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