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Where Taxpayers and Advisers Meet

reducing future income tax, cgt

woodentop58
Posts:2
Joined:Thu Apr 16, 2020 7:34 pm
reducing future income tax, cgt

Postby woodentop58 » Sat Apr 18, 2020 2:48 pm

I have some ownership of physical gold and silver bullion, most of it in the form of sovereigns and britannias.
there also some .999 1kg silver ingots.
if I am lucky enough in the future to make a profit from this, I would like some tips / advice on how to save money on
this.
I am currently a uk resident, but I live a good part of the year in france, and also asia, im just a normal person of
average means.
I wouldn't mind moving to another country that has a lower tax rate if that's possible, I also wouldn't mind offsetting
any possible profits into another financial venture, a house or property, im trying to look into this now, in order I can make
any necessary adjustments before I sell these assets.
I have worked hard all my life, and always had to pay my fair share through PAYE
I am no longer working, and have already taken my full 25% tax free from several moderate pensions, I am 58 years
old, any advice gratefully received.

kevin

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: reducing future income tax, cgt

Postby maths » Sun Apr 19, 2020 7:21 pm

Gains arising on disposals of Silver Britannia coins and Gold Sovereigns are exempt from CGT.

Gold and silver bullion bars are taxable.

woodentop58
Posts:2
Joined:Thu Apr 16, 2020 7:34 pm

Re: reducing future income tax, cgt

Postby woodentop58 » Mon Apr 20, 2020 12:11 pm

hi maths,
thanks for that, what I really meant from my posting was how I can legally reduce any future income tax and cgt.
perhaps by moving country, transferring profits into another business etc.
im sure I,ll hear many good ideas.
thanks for your suggestions :D
kevin


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