Custom duties and tariffs on Gold and Precious Stones

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Member since 21 January 2014

bellydancerNew member22 June 2016 10:58:31

Does anyone know the cost of custom duties for Gold and Precious Stones when leaving KSA to relocate back to UK?
I would appreciate it if you can provide me with any information or tariff you may have. Alternatively, could you please let me know who or where I can make contact with to help me on this matter?

Thank you very much

riazcdki Serial expat

Member since 01 May 2014

riazcdkiSerial expat23 June 2016 19:29:34

900

Hello friends,

This is a typical question since one can benefit around 10% if one takes gold instead of bank transfer.

If you bring €10,000 or more in cash, or the equivalent in another currency, to the UK from outside the European Union (EU) you must declare it.

Cash includes:

notes and coins
bankers’ drafts
cheques of any kind (including travellers’ cheques)

If you’re travelling as a family you need to declare cash over €10,000.

Penalties
You could face a penalty of up to £5,000 if you don’t declare your cash or give incorrect information.

Your declared cash can be seized by Customs Officers if they have reasonable grounds to suspect a crime. They can keep the cash for 48 hours - after that they need a court order.

At the time of declaration, you will of course be expected to show documentary proof on how you acquired the funds to purchase the gold.

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