CGT Rates To Rise

[modofantasma]

Autumn budget today...

Apparently Capital Gains Tax allowance to be reduced along with dividend allowance over the coming years 

Individual rate currently £12300

CGT allowance 2023-24 £6000
CGT allowance 2024-25 £3000

 

Worth having a read of the below summary. Incase the idea of capital gains tax is new to you in terms of our PMs the gold and silver coins with a £ face value like Britannias and sovereigns, Tudor beasts, Queens beasts etc are not currently liable for CGT anyway but should you make a profit when you dispose of many silver and gold bars, profit over this threshold would be liable. Ask your 'ccoun'nt 😏

https://www.which.co.uk/news/article/capital-gains-and-dividends-tax-changes-in-the-2022-autumn-statement-ac6kT0e7yZ4X

[bluemoon]

That's a helluva squeeze. A quarter of current allowance!

[modofantasma]

2 minutes ago, bluemoon said:

That's a helluva squeeze. A quarter of current allowance!

Sure is

[HerefordBullyun]

Hes not called jeremy hunt for nothing.....

[Thelonerangershorse]

2 minutes ago, HerefordBullyun said:

Hes not called jeremy hunt for nothing.....

We need a nickname, what rhymes with Hunt?

[HerefordBullyun]

Just now, Thelonerangershorse said:

We need a nickname, what rhymes with Hunt?

Sadly I cannot put it in font 72 capitals, as i don't want to be seen breaking forum rules....

[Paul]

Lets hope he doesnt tinker about with sovereigns & britannias being CGT free in future, when gold goes to da'moon !  

when we are labelled as greedy gold bug speculators 

Edited November 17, 2022 by Paul

[Essendie]

10 minutes ago, Paul said:

Lets hope he doesnt tinker about with sovereigns & britannias being CGT in future, when gold goes to da'moon !  

Don't even SAY that.
You're going to give me nightmares!
This is bad enough 😞

I've been sticking to mostly British coins purely because they aren't CGT liable.

Edited November 17, 2022 by Essendie
Full stops are useful.

[Solachesis]

2 hours ago, modofantasma said:

Individual rate currently £12300

CGT allowance 2023-24 £6000
CGT allowance 2024-25 £3000

 

You wot m8.

Jesus wept. There was me thinking my leaning heavily towards foreign gold stack is fine because I'm never gonna sell anywhere near that amount. 

Time to start stacking the English stuff 

 

[GoldStatue]

Blimey just as interest rates go up to help out savers the government comes in and takes their slice of the pie.

Hopefully most of the general public are clued up about ISAs, pensions and legal tender bullion coins.

[stackerp5]

3 hours ago, Paul said:

Lets hope he doesnt tinker about with sovereigns & britannias being CGT free in future, when gold goes to da'moon !  

when we are labelled as greedy gold bug speculators 

Does that mean, if it were to happen, current stackers would lose out on profits or would the law be applicable to bullion produced after a certain date?

If that's the case, then I imagine older silver and gold bullion would be worth more. Just speculating here.

[HerefordBullyun]

35 minutes ago, stackerp5 said:

Does that mean, if it were to happen, current stackers would lose out on profits or would the law be applicable to bullion produced after a certain date?

If that's the case, then I imagine older silver and gold bullion would be worth more. Just speculating here.

Well if you want my non technical analysis. 

Weve all been royally shafted up the fartpipe by an absolute Hunt.

I think he should change his name from Jeremy to Issac.... Think about it....

Edited November 17, 2022 by HerefordBullyun

[CANV]

looks like cash will be making a comeback! 

[Paul]

5 minutes ago, stackerp5 said:

Does that mean, if it were to happen, current stackers would lose out on profits or would the law be applicable to bullion produced after a certain date?

If that's the case, then I imagine older silver and gold bullion would be worth more. Just speculating here.

It's RRP Vs price  sold  to work out your profit 

If you make a tenner profit on a sovereign. It's a lots of sovs to sell to worry about before cgt is an issue 

. . . . .  Anything could change in future 

[HerefordBullyun]

1 minute ago, CANV said:

looks like cash will be making a comeback! 

Not when they roll out CBDC's taxed at source, dreading it!

[CANV]

Just now, HerefordBullyun said:

Not when they roll out CBDC's taxed at source, dreading it!

indeed sir.  im getting all my spending on my house project done next year, using oodles of cash where poss!  i've also given up on any serious investment plans or the thought of going back to work even part time for fun, due to the tax implications.

some of the tax implications are horrific.   a graduate with a student loan earning 50k in London (yes I know thats a lot) turns out to be brilliant and gets pay rise to 70 k.   of that 20k they get to keep about 8.   

[stackerp5]

47 minutes ago, Paul said:

It's RRP Vs price  sold  to work out your profit 

If you make a tenner profit on a sovereign. It's a lots of sovs to sell to worry about before cgt is an issue 

. . . . .  Anything could change in future 

RRP would be the value of the gold content or going rate with premiums from, say, dealers?

[Solachesis]

48 minutes ago, Paul said:

It's RRP Vs price  sold  to work out your profit 

If you make a tenner profit on a sovereign. It's a lots of sovs to sell to worry about before cgt is an issue 

. . . . .  Anything could change in future 

I didn't think RRP mattered, simply what you bought it at, and what you sold it at

[modofantasma]

3 hours ago, stackerp5 said:

RRP would be the value of the gold content or going rate with premiums from, say, dealers?

Purchase price usually what matters when calculating CGT liability

[modofantasma]

4 hours ago, Paul said:

If you make a tenner profit on a sovereign. It's a lots of sovs to sell to worry about before cgt is an issue 

Sovs are CGT exempt currently.

For bars though... Assuming you don't blow through the threshold already with the disposal of a few shares outside an ISA or maybe just taking a bit of profit on one of the investment properties. 

I bet there are people who started buying gold bars when price was below £1k an Oz only a few years ago 🤔 A few Oz and you're giving profit away 😬

https://www.gov.uk/capital-gains-tax/rates

[AurumArgenti]

[ArgentSmith]

Majority of capital gains are nominal ie a product of inflation. This is horrendous news, 12k was pretty derisory imo but imagine someone stacking physical as part of their retirement planning without going the CGT exempt route 🤯

I realise CGT exemption can be reversed but you will at least have notice to liquidate.

The man from Goldman Sachs doing his bit to service Government debt, what a guy.

[HerefordBullyun]

4 minutes ago, ArgentSmith said:

 

The man from Goldman Sachs doing his bit to service Government debt, what a guy.

Its one big club and we aint in it.....

its always the common man who gets shafted. And if labour get in do you think they will reverse it? Probably not!

[Bigmarc]

Can you still use your wife's allowance? If married that is

[HerefordBullyun]

2 minutes ago, Bigmarc said:

Can you still use your wife's allowance? If married that is

Yes I think so, but if you are musilm and have 9000 of em I think the taxman may come knocking.....