Gold Bullionvault Capital Gains Tax

[medman]

Hi there,

Yes there are things such as wine, stamps, foreign currency and classic cars. However, this is not the forum to discuss them, as it is for tax queries. If you were non-UK domicile you could than do your gold trading offshore tax-free, so long as you never remit any funds here.

Many thanks

Medman (Don)

[Britannia]

My understanding is that Capital Gains Tax is payable on profits made from the resale of coins up to the threshold allowed in any one tax year (currently £9,200). However, Britannia coins are exempt from CGT as they are classed as a 'coin of the realm'. A nice loophole that no doubt will be closed in due course. I would assume the same applies to Sovereigns and other Royal Mint gold coins such as the 2007 commemmorative Act of Union '£2' coin. The problem is these coins tend to cost quite a bit more than Krugerrands, and are well above spot gold price.

[Archer2001]

Hello everyone!

I'm a non-resident British citizen. I'm considering paying buying some gold and silver with BullionVault and storing it in a Singapore Vault. You are only allowed to use one bank account and I've linked it to my UK bank account.

My concern is that, since it's a UK based company and I'm adding and removing currency from the account via my UK bank account, I'll have to pay capital gains tax. I think that if I made capital gains buying in Singapore I would not have to pay capital gains tax. But, in this case, would my earnings be classified as earnings within the UK and hence subject to capital gains tax?

I hope someone can enlighten me!

Thank you!

[Archer2001]

Hi everyone!

Interesting comments all round. Dont bullionstar offer storage in singapore. If you buy and store the gold abroad, doenst this make you expemt from capital gains?