Do You Pay Capital Gains Tax on Gold Bullion?
It relates to assets that you own, such as bullion, shares or property.
Alison
Last Update 2 tahun yang lalu
There is a tax-free allowance and some additional reliefs that may reduce your Capital Gains Tax bill. Most bullion buyers will never need to pay this tax due to the size and value of their purchase, but it is important that buyers know where they stand.
Capital Gains Tax is only payable if a buyer realises over £11,300 of profit in one financial year. Be mindful that the £11,300 limit is not the total value of selling your bullion, but purely the profit made from your original outlay.
Example: If a buyer bought some gold in 2017 for £20,000 and sold it in 2018 for £31,300, no Capital Gains Tax would be due as only the £11,300 profit made is taken into consideration.
This single transaction would constitute the buyers full tax free allowance for the year however. Any other profit made would be taxable at a rate between 20-28%. Please note the tax free limit of £11,300 is only set for the financial year of 2017-2018 and is reviewed every year.
Please note it is the responsibility of the individual buyer and not that of Minted to declare any Capital Gains Tax payable. We advise that you speak to your accountant in further detail to ensure your personal financial situation is in working order.
At Minted we keep records of all transactions made for 7 years, however we do not voluntarily forward details on to the HMRC unless explicitly requested. All customer data is held securely in keeping with GDPR regulations.