New to Collecting

[Gordy]

so basically it works as an asset and for example; if your stack cost you say £8,000 and the spot went up and the stack then became worth 16,000 and you sold it you would have a gain of £8,000 ... no CGT to pay

If the same stack was worth £25,000 and you sold it then the gain would be £17,000 so minus you're personal allowance currently £12,300 then you would pay CGT on £4,700... if your stack was all CGT Free precious metals then nothing to pay...

[Bigmarc]

48 minutes ago, Gordy said:

so basically it works as an asset and for example; if your stack cost you say £8,000 and the spot went up and the stack then became worth 16,000 and you sold it you would have a gain of £8,000 ... no CGT to pay

If the same stack was worth £25,000 and you sold it then the gain would be £17,000 so minus you're personal allowance currently £12,300 then you would pay CGT on £4,700... if your stack was all CGT Free precious metals then nothing to pay...

In order for someone to prove that they paid 8000 then probably need proof of purchase.

[Gordy]

4 minutes ago, Bigmarc said:

In order for someone to prove that they paid 8000 then probably need proof of purchase.

Probably but if you took photos of them when you bought them then the meta data on the photo will have a time stamp on it and you could go to the inland revenue and base the silver content on spot prices at the time and value the metal that way... 

[Bigmarc]

Cheers Gordy.

Makes a bit more sense now.

I've done some reading and you don't need to declare it if it's under the £12300 profit line. If you have more than £49000 in sales in a year you do need to declare it regardless of the profit. 

Brits and sov's being exempt would still mean you declare it if you meet the thresholds as it is a sale. It's just there is nothing to pay.

I know you had already said that but it was early and my brain needed a few coffee's.