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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5115
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

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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?

Thank you for your question...

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

More information on this can be found here

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

I hope this is helpful and answers your question.

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

Many thanks

Customer: replied 1 year ago.
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Customer: replied 1 year 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) selling gold at a monetary gain; but then immediately buying the equivalent amount of gold.

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

I hope this is helpful and answers your question. and other Tax Specialists are ready to help you