List of capital gains tax free PM's?

[Stacktastic]

Hello can anyone point me towards a definitive list of capital gains tax free precious metals? 

Thanks. 

[Solachesis]

Coins with a face value for the UK by the royal mint 

There ya go

[Guest]

In the UK no precious metal is capital gains tax exempt. All legal tender issues, gold, silver, platinum, etc. are CGT exempt. Gold alone is exempt from VAT, the tax you pay when you BUY. CGT is payable when you SELL. 

Edited April 18, 2023 by Guest

[Stacktastic]

On 18/04/2023 at 12:05, SeverinDigsSovereigns said:

In the UK no precious metal is capital gains tax exempt. All legal tender issues, gold, silver, platinum, etc. are CGT exempt. Gold alone is exempt from VAT, the tax you pay when you BUY. CGT is payable when you SELL. 

Thanks - This is slightly confusing (to me anyway).

So legal tender items are capital gains exempt?
So what coins does that include?
I guess ones with the queens head on and with a value - like a brittania? 
As @Solachesis has said - royal mint, face value (eg £5) & queens head

What about the queens beast? I guess not.
What about bars vs coins as I have bars with all of the above. 
What about coins that are from offshore territories (I have a few with a value of £5 and the queens head).

Surely there is a list somewhere with most the up today coins that do not incur capital gains are are by law legal tender. 

Thanks

 

Edited April 21, 2023 by Stacktastic

[Wileyfox]

UK legal tender is CGT exempt - the concept is that you can't make a chargeable gain when disposing of (exchanging) pound sterling with pound sterling (GBP).

To put it most simply - Does it have GBP face value? If yes, then CGT exempt, if no then not exempt.

As sovereigns have a face value of £1 pound sterling they are exempt - this also includes the branch mint ones Sydney, Melbourne etc.

Britannias, Queen's Beasts - yes CGT exempt as they have pound sterling face value.

Bars - no exemption, I can't think of any bar that has a pound sterling face value.

Offshore - depends - from some research on Wikipedia it seems that Channel Islands, Tristan de Cunha etc. use a local version of pound sterling and so are exempt, Isle of Man and Gibraltar have legally separate currencies that are pegged at par with pound sterling and so would not be exempt.

This link from Chards also has some useful info

https://chards.co.uk/guides/capital-gains-tax-on-gold-and-silver-bullion/4

[MBTPSilver]

11 hours ago, Stacktastic said:

So legal tender items are capital gains exempt?
So what coins does that include?
I guess ones with the queens head on and with a value - like a brittania? 
As @Solachesis has said - royal mint, face value (eg £5) & queens head

What about the queens beast? I guess not.
What about bars vs coins as I have bars with all of the above. 
What about coins that are from offshore territories (I have a few with a value of £5 and the queens head).

Surely there is a list somewhere with most the up today coins that do not incur capital gains are are by law legal tender. 

Thanks

 

Yep, just UK legal tender coins, so nothing offshore like the Guernsey coins etc.

All of the Royal Mint's coins basically. So yes that includes the Queen's Beasts, Tudor Beasts, Royal Arms, Valiants, etc. Even the Sovereign, though the value isn't stamped on the coin itself, has a legal tender value and is therefore CGT exempt. The Royal Mint haven't produced any bars with a face value. The Britannia bars caused some confusion being named that, but they don't have a face value and aren't exemot from CGT.

[Stacktastic]

 

13 hours ago, Wileyfox said:

UK legal tender is CGT exempt - the concept is that you can't make a chargeable gain when disposing of (exchanging) pound sterling with pound sterling (GBP).

To put it most simply - Does it have GBP face value? If yes, then CGT exempt, if no then not exempt.

As sovereigns have a face value of £1 pound sterling they are exempt - this also includes the branch mint ones Sydney, Melbourne etc.

Britannias, Queen's Beasts - yes CGT exempt as they have pound sterling face value.

Bars - no exemption, I can't think of any bar that has a pound sterling face value.

Offshore - depends - from some research on Wikipedia it seems that Channel Islands, Tristan de Cunha etc. use a local version of pound sterling and so are exempt, Isle of Man and Gibraltar have legally separate currencies that are pegged at par with pound sterling and so would not be exempt.

This link from Chards also has some useful info

https://chards.co.uk/guides/capital-gains-tax-on-gold-and-silver-bullion/4

Thanks  

3 hours ago, MBTPSilver said:

Yep, just UK legal tender coins, so nothing offshore like the Guernsey coins etc.

All of the Royal Mint's coins basically. So yes that includes the Queen's Beasts, Tudor Beasts, Royal Arms, Valiants, etc. Even the Sovereign, though the value isn't stamped on the coin itself, has a legal tender value and is therefore CGT exempt. The Royal Mint haven't produced any bars with a face value. The Britannia bars caused some confusion being named that, but they don't have a face value and aren't exemot from CGT.

Thanks  

[SidS]

For sovereigns, the exempt ones are:

Half sovereigns - 1838 and later

Sovereigns - 1838 and later

Two Pounds - 1887 and later

Five Pounds - 1887 and later.

Sovereigns with plain edges (i.e. 1937 are NOT legal tender and thus not tax exempt).

[modofantasma]

25 minutes ago, SidS said:

For sovereigns, the exempt ones are:

Half sovereigns - 1838 and later

Sovereigns - 1838 and later

Two Pounds - 1887 and later

Five Pounds - 1887 and later.

Sovereigns with plain edges (i.e. 1937 are NOT legal tender and thus not tax exempt).

Interesting. Do you have a further source or know why the sovs from 1817 to 1838 are not exempt? Thanks 

[SidS]

2 minutes ago, modofantasma said:

Interesting. Do you have a further source or know why the sovs from 1817 to 1838 are not exempt? Thanks 

They were demonetised in 1891.

Referenced on Wikipedia:

"The Coinage Act 1889 also authorised the Bank of England to redeem worn gold coins from before Victoria's reign, but on 22 November 1890 all gold coins from before her reign were called in by Royal Proclamation and demonetised effective 28 February 1891."

Edited April 28, 2023 by SidS

[modofantasma]

6 minutes ago, SidS said:

They were demonetised in 1891.

Referenced on Wikipedia:

"The Coinage Act 1889 also authorised the Bank of England to redeem worn gold coins from before Victoria's reign, but on 22 November 1890 all gold coins from before her reign were called in by Royal Proclamation and demonetised effective 28 February 1891."

Thankyou 🍻