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?