Stack about to get shrunk

[Prophecy]

On 08/06/2020 at 19:15, mr-dead said:

Looks like we have spotted our next house purchase and just waiting on the covid rules to be relaxed so we can have a proper viewing.

Our current little house is bought and paid for and is being kept for my 12yr old daughter for when she's old enough to give her a good head start in life.

Have spoken to atkinsons regarding a large sale and no probs there, dumping approx 320oz even gets you a pool

 

removed the pool pic as it was easy to reverse lookup ..

 

 

Keen to hear how you get on with Atkinsons, what they do to test this specific quantity and size, what they offer you compared to spot, time frames, security arrangements. Obviously only after it all goes through and the funds are safe in your account for security reasons. 

[Cornishfarmer]

What about the 3 dreaded letters??????......

CGT?

[Tattoedamat]

Was wondering that too @Cornishfarmer

[Melon]

19 hours ago, Prophecy said:

Keen to hear how you get on with Atkinsons, what they do to test this specific quantity and size, what they offer you compared to spot, time frames, security arrangements. Obviously only after it all goes through and the funds are safe in your account for security reasons. 

Do you rob banks in your spare time?! 😆 

Only joking, I'd be interested to hear how a deal of that size goes down as well! 

6 hours ago, Cornishfarmer said:

What about the 3 dreaded letters??????......

CGT?

What CGT? He dropped his gold in his giant pool and then never managed to find it 😄

[Stu]

9 hours ago, Melon said:

Do you rob banks in your spare time?! 😆 

Only joking, I'd be interested to hear how a deal of that size goes down as well! 

What CGT? He dropped his gold in his giant pool and then never managed to find it 😄

Not sure Atkinsons would get away with saying they  found said bars at the bottom of a pool though. I would be interested to see how this plays out also.

[DBCooper]

respect and Fair play to you Sir 

you have made some very wise investments over the years. and it looks like the stack has done its job well 

enjoy the new house .

regards 

DB 

[mr-dead]

A bit of an update,

Sold 9 X 1kg gold bars + 36 X 1oz Krugerrands to Atkinsons, a very professional and hassle free service as usual.  Was a bit dodgy walking through Sutton Coldfield town centre with a peli case thrown over my shoulder with nearly £1/2 million in gold in it lol.

The 1kg gold bars were sent immediately from Atkinsons to Metalor where they are melted down to ensure authenticity and the good news is that all my bars were genuine and no issues so short term panic over

Money transfered to my account in 3 chunks, 1st payment was made 2 working days after sale, 2nd payment 3 days and final payment 4 days after sale.

Stack now reduced to around 100oz which will be parked long term.

[Tattoedamat]

A good days work in my book 👍🤫😄

[Prophecy]

1 hour ago, mr-dead said:

A bit of an update,

Sold 9 X 1kg gold bars + 36 X 1oz Krugerrands to Atkinsons, a very professional and hassle free service as usual.  Was a bit dodgy walking through Sutton Coldfield town centre with a peli case thrown over my shoulder with nearly £1/2 million in gold in it lol.

The 1kg gold bars were sent immediately from Atkinsons to Metalor where they are melted down to ensure authenticity and the good news is that all my bars were genuine and no issues so short term panic over

Money transfered to my account in 3 chunks, 1st payment was made 2 working days after sale, 2nd payment 3 days and final payment 4 days after sale.

Stack now reduced to around 100oz which will be parked long term.

How is the capital gains looking?

[mr-dead]

6 minutes ago, Prophecy said:

How is the capital gains looking?

Heading over my mates (accountant) house this weekend to work out whats due.

Was up approx 40% pre CGT so a chunk to be paid.

[Roy]

Well done @mr-dead! Gold has worked for you.

Will you do a 'lessons learned' thread again please?

Roy

[Abyss]

2 hours ago, mr-dead said:

The 1kg gold bars were sent immediately from Atkinsons to Metalor where they are melted down to ensure authenticity and the good news is that all my bars were genuine and no issues so short term panic over

@mr-dead I am hoping you have received more than 96% spot value (what Atkinson offering on there website for 1 KG bars) considering premiums on Gold. Atkinson offering almost spot for 1 oz Gold coins.

[Prophecy]

9 minutes ago, Abyss said:

@mr-dead I am hoping you have received more than 96% spot value (what Atkinson offering on there website for 1 KG bars) considering premiums on Gold. Atkinson offering almost spot for 1 oz Gold coins.

Yeah, what was the +- percentage offer?

[mr-dead]

14 minutes ago, Abyss said:

@mr-dead I am hoping you have received more than 96% spot value (what Atkinson offering on there website for 1 KG bars) considering premiums on Gold. Atkinson offering almost spot for 1 oz Gold coins.

Its all relative, I originally picked them up at virtually spot price so the difference between the coins + bars is pretty much the same

[Kookaburracollector]

2 hours ago, mr-dead said:

Heading over my mates (accountant) house this weekend to work out whats due.

Was up approx 40% pre CGT so a chunk to be paid.

I assume half of the stash belonged to you, and half was the wife’s !😉...two lots of allowance surely! Worth a shot!

[5huggy]

On 10/06/2020 at 15:04, Cornishfarmer said:

What about the 3 dreaded letters??????......

CGT?

NONE On gold COINS!

[mr-dead]

13 minutes ago, 5huggy said:

NONE On gold COINS!

there is if they aren't UK legal tender.

Krugerrands are subject to cgt

[Prophecy]

14 minutes ago, mr-dead said:

there is if they aren't UK legal tender.

Krugerrands are subject to cgt

I hope you bought the Krugs when they were the only 1oz bullion coin. 

[AuricGoldfinger]

Wel done @mr-dead, we know you’re not short a few quid 😉, but takes some serious BALLS to put that much money into gold in one go, and just as much to cash it in.

Great example of someone using gold for one of its intended purposes.

I am also curious about how much capital gains you would need to pay, and also as @Roy said another “lessons learned” thread. I know originally you intended on filling a monster box with sovereigns, would you buy bars again or stick to CGT free gold?

Also, this is the second time you’ve liquidated a stack, are you going to stick with the 100oz or build it back up again?

Finally does anyone know what if you can’t prove what you paid for the gold? ie it’s gifted to you by an aunty or you simply dont have all the receipts?

[Paul]

1 hour ago, mr-dead said:

there is if they aren't UK legal tender.

Krugerrands are subject to cgt

sell some first of 1st april (old tax year), sell some after 6th april in new tax year, use your wifes CGT allowance. ways and means around things like this

send you mam and dad in with some you get the idea

The capital gains tax allowance in 2020-21 is £12,300, up from £12,000 in 2019-20. This is the amount of profit you can make from an asset this tax year before any tax is payable.

So say you bought them all for £1000 each, you sell for £1400 for sake of easy maths 

£400 is your profit/gain per coin 

so £12,300 CGT allowance / £400 profit per oz  = would be 30 krugerrands you could sell before worrying about CGT payable

add your wifes allowance of 30 krugerrands 

you get the idea

CGT wont affect 99% of folk here on the forum i reckon - if it did, they would have sought professional advice before taking the plunge

your accountant/IFA should advise of course to be 100% sure

 

 

[Martlet]

Understand the appeal of a nice lump of gold but pretty costly tax impact, would you do that again?

[Melon]

7 hours ago, mr-dead said:

Was a bit dodgy walking through Sutton Coldfield town centre with a peli case thrown over my shoulder with nearly £1/2 million in gold in it lol.

Yikes, you're a braver man than me! 

Out of interest, did Atkinsons give you a good deal due to the quantity or was it the same % of spot offered regardless of whether you're selling 1oz or 300oz? 

[Melon]

1 hour ago, AuricGoldfinger said:

Finally does anyone know what if you can’t prove what you paid for the gold? ie it’s gifted to you by an aunty or you simply dont have all the receipts?

Only if you want to send your Aunty to jail, as she would have had to pay CGT at the point of gifting it to you! 

And of course in the event Aunty has passed on since, you'll also be in hot water for not paying inheritance tax. 

As for receipts, that's a dangerous game as it's your responsibility to maintain adequate records for tax purposes. It may even call into question your legal ownership of the gold if you can't prove how you bought it. 

The tax man always wins 😄

53 minutes ago, Paul said:

sell some first of 1st april (old tax year), sell some after 6th april in new tax year, use your wifes CGT allowance. ways and means around things like this

send you mam and dad in with some you get the idea

First bit is good, second bit not so much. When you buy a house with your gold you've got to be prepared to account for every dime. No point buying a lovely house with your gold then ending up in a cell because you didn't give the tax man his beans! 

[Prophecy]

26 minutes ago, Melon said:

Only if you want to send your Aunty to jail, as she would have had to pay CGT at the point of gifting it to you! 

And of course in the event Aunty has passed on since, you'll also be in hot water for not paying inheritance tax. 

As for receipts, that's a dangerous game as it's your responsibility to maintain adequate records for tax purposes. It may even call into question your legal ownership of the gold if you can't prove how you bought it. 

The tax man always wins 😄

First bit is good, second bit not so much. When you buy a house with your gold you've got to be prepared to account for every dime. No point buying a lovely house with your gold then ending up in a cell because you didn't give the tax man his beans! 

Screw it, just buy Brits and Sovs

[AuricGoldfinger]

What happens if you sell sovereigns and don’t have receipts for every one? No come back as the tax man isn’t after CGT on these as long as you have proof of them being CGT coins at proof of sale?

Just something i wonder about with no transactions on this forum issuing receipts and picking bits up over the years. Surely there must be some grey area in regards to personal possessions?