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Selling large amount of gold

Jamesbuttler1975
Posts: 3
Joined: Fri Apr 14, 2017 2:19 am

Selling large amount of gold

Postby Jamesbuttler1975 » Fri Apr 14, 2017 2:29 am

Hi,
I have came across a problem and don't know wether I should be consulting an accountant, a tax lawyer or what. So I'm hoping maybe I can get some initial help here.

My great grandad was a very big conspiracy nut, he didn't believe in currencies and he bought up a lot of gold billions. Which at the time nearly 5 gbp a gram prices have sky rocketed.

When I was born, 24 years ago my great grandad (my mums grandad) gifted me with his entire supply of gold bullions. With the express wishes that my mum gave them to me when I was older. My mum stashed them in the loft for the last 24 years.

Only recently when I was helping my mum go through stuff in the loft did I find them and after looking around online for what tax id need to pay etc in struggling to find out the best course of action.

My great grandad passed away when I was 9 so it was well within the 7 year rule for inheritance tax.

The current value based on he massive increase in prices. Is around 1.6 million.

Due to gold billions being legal tender they are not eligible for capital gains tax, nor income tax.

My only concern is that there's no record of his purchase there's also no record of ownership as they have been stashed in the loft for over 24 years.

I come from an average family we own our own homes nothing special I earn moderate 30,000 a year and my partner earns 25,000 a year.

I would like to be able to sell the gold and open an investment portfolio so that I can withdraw 5% interest per year tax free which would give us a nice boost of income.

What would happen if I sell this amount of gold? Will HMRC try to seize it off me and not let me have it?

Nothing good has happened for our family nothing but trouble for the last 10 years when I found out the value my face hit the floor literally but from the past few years we have been very unlucky with things happening in our lives I don't see nature letting us have one good thing!

Can anyone give me any advice on what would happen in this situation or point me in the direction of who I should be speaking too?

Thanks

bd6759
Posts: 2072
Joined: Sat Feb 01, 2014 3:26 pm

Re: Selling large amount of gold

Postby bd6759 » Fri Apr 14, 2017 1:52 pm

Gold bullion is not legal tender. Gold coins, such as soveriegns, are legal tender. You will be liable to CGT on the former, but no the latter.

Bullion is used extensively for money laundering. If you try to sell a stash that big, the NCA will be informed. You should consult a solictor to help establish your title to the gold before doing anything.

Jamesbuttler1975
Posts: 3
Joined: Fri Apr 14, 2017 2:19 am

Re: Selling large amount of gold

Postby Jamesbuttler1975 » Fri Apr 14, 2017 2:16 pm

Sorry that was a typo. I've been reading around a lot and got my wires crossed.

They are 1980s gold sovereigns.

They are legal tender no cgt and no other tax involved but not sure how to go about selling. What can you use to prove ownership

bd6759
Posts: 2072
Joined: Sat Feb 01, 2014 3:26 pm

Re: Selling large amount of gold

Postby bd6759 » Fri Apr 14, 2017 5:38 pm

Sovereigns will be easier to sell than bullion.

At £33 per gram, and just over 7grams of gold in a sovereign, each sovereign is worth about £250. You must have 6400 of them, weighing over 50kg.

Jamesbuttler1975
Posts: 3
Joined: Fri Apr 14, 2017 2:19 am

Re: Selling large amount of gold

Postby Jamesbuttler1975 » Sat Apr 15, 2017 12:30 am

Very close 6,524 of them.

I'm just not sure what To do. I could sell them a bit at a time price looks like they will still increase in value so could be worth me doing that anyway but surely if I sell the whole lot all at once surely the government can't just come and seize the money unless they can prove I havnt obtained them legitimately? Just like I can't prove ownership

Thanks


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