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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I own some physical gold. i plan to sell it ie convert to

Resolved Question:

hi.
i own some physical gold.
i plan to sell it ie convert to GBP.....and then immediately buy gold again, in a different form.
in effect, its swapping gold bars, for gold coins. (ia a conversion to GBP)
ami i liable for CGT?
Submitted: 6 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 6 months ago.

Thank you for your question...

Possessions you may need to pay CGT on include gold bars.

More information on this can be found here

https://www.gov.uk/capital-gains-tax-personal-possessions/what-you-pay-it-on

Provided the proceeds do not exceed £6000, there will be no CGT payable.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Expert:  taxadvisor.uk replied 6 months ago.

Provided your total gain is below your gains annual allowance of £11,100 there will be no CGT payable.

Many thanks

Customer: replied 6 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 6 months ago.
hi. no, i dont need a phone call thanks.
specifically.... is there any way of categorising this transaction as a SWAP? (in order to avoid CGT: its above the threshold)
i.e....im selling gold at a monetary gain; but then immediately buying the equivalent amount of gold.
Expert:  taxadvisor.uk replied 6 months ago.

Thank you for your reply...

A swap is a disposal for CGT purposes.

The exchange would have to be evaluated for CGT purpses and gain chargeable to CGT.

Confirmation of this can be found here

https://www.gov.uk/capital-gains-tax/overview

I hope this is helpful and answers your question.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4806
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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