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CGT and the HMRC


thesoundman

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Might be a stupid question but, how do the HMRC know you have sold coins which are CGT free?

 

Does the seller give you a receipt which you pass on to them.

You are responsible for informing them.

You would need to sell a lot to exceed the CGT allowances in the first place.

Wonder if selling at a loss would count as carry forward capital losses ?

As some coins are CGT free then you don't have to do anything - simplsz !!

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Might be a stupid question but, how do the HMRC know you have sold coins which are CGT free?

 

Does the seller give you a receipt which you pass on to them.

The current 2013-2014 CGT allowance is £10,900 and as Pete said you would have to have a sizable stack to incur CGT. Are you likely to sell your whole stack in one go unlikely.

 

There are a number of way round this say you did want to sell your whole substantial stack and you were sitting on big gains sell half in last week of  March sell the other half after 6th of April then in todays terms.

 

You've just made without spitting hairs £22.000 tax free.

 

Another one which you should check up on is called bed and breakfast, if you are getting near the threshold sell your stack to your buddy and buy it back the next day for £1 more, might work, you'll have to check.

 

I've done this in the past with shares in the 90s through my broker perfectly legal at the time.

The problem with common sense is, its not that common.

 

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I guess your supposed to keep the invoices.

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Like has been said, it's based on profit.

You'd have to sell some special coins / lots of coins to hit an 11k profit I'd imagine.

 

If you bought £11k of silver when prices of silver are <£20 an ounce coin, and sell all for £40 an ounce in one year. Then you have already reached that limit. 

The majority of people might not be dealing in large numbers. But I reckon there is a good few people who buy serious amounts of silver. I saw a youtube video of one guy in the US who purchased about 30 1kg coins in one go. 

My posts are my personal opinions, they do not constitute advice or financial advice.

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If you bought £11k of silver when prices of silver are <£20 an ounce coin, and sell all for £40 an ounce in one year. Then you have already reached that limit.

Agreed, but I was being realistic.

Somebody would have had to buy a lot of stock horses to do that.

Silver hasn't doubled lately, but it has halved.

From what I can see, if you sell in lots for under 6k each, CGT does not apply.

Job done.

Stacker since 2013

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