Sale of commemorative coins... Tax implications advice???

[AR03]

Hi,

I had recently sold some commemorative coins and made a profit last year. It's a mixture of silver proof and BU sets. Is this something to include in the tax returns? I am assuming the gold coins/sets will be exempt from CGT, so don't have to put them in CGT section? Thank you

[Seasider]

I think it is more a matter of are they legal tender rather than what metal they are.  Here is a useful page from Chards

Capital Gains Tax on Bullion | Chards

[AR03]

4 hours ago, Seasider said:

I think it is more a matter of are they legal tender rather than what metal they are.  Here is a useful page from Chards

Capital Gains Tax on Bullion | Chards

Thank you, I do know that gold and platinum bullion are CGT exempt, just enquiring about the commemorative coins.

[TeaTime]

Selling a personal collection and dealing are two separate things.... This is what the tax man says;

You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

Possessions you may need to pay tax on include:

• jewellery
• paintings
• antiques
• coins and stamps

[Seasider]

13 minutes ago, AR03 said:

Thank you, I do know that gold and platinum bullion are CGT exempt, just enquiring about the commemorative coins.

The question you need to ask yourself is are they legal tender in the UK?  The metal is irrelevant - eg a gold Krugerrand is not CGT exempt because it is not legal tender in the UK - the fact that it is gold does not help it.  But a Royal Mint 50 pence piece celebrating the Platinum Jubilee is CGT exempt whether it is made of platinum, gold, silver or cupro-nickel.  So are the commemorative coins British, made by the Royal Mint, denominated in pounds and pence? 

[Seasider]

19 minutes ago, TeaTime said:

Selling a personal collection and dealing are two separate things..

Yes as @TeaTimeimplies if you are dealing then CGT is out of the window and it is income tax you have to worry about.

[AR03]

52 minutes ago, Seasider said:

The question you need to ask yourself is are they legal tender in the UK?  The metal is irrelevant - eg a gold Krugerrand is not CGT exempt because it is not legal tender in the UK - the fact that it is gold does not help it.  But a Royal Mint 50 pence piece celebrating the Platinum Jubilee is CGT exempt whether it is made of platinum, gold, silver or cupro-nickel.  So are the commemorative coins British, made by the Royal Mint, denominated in pounds and pence? 

Thank you.... Yes, they are all Royal mint coins

50 minutes ago, Seasider said:

Yes as @TeaTimeimplies if you are dealing then CGT is out of the window and it is income tax you have to worry about.

Thank you...so I will have to enter them in the tax returns??

[Seasider]

1 hour ago, AR03 said:

Thank you...so I will have to enter them in the tax returns??

Whether you are dealing - ie carrying on a trade is not a simple question.  @BackyardBulliondid a post on this topic and maybe a youtube video but I cannot find them.  I did find these threads which bear reading