goldmoney

[Bratnia]

Reading through https://www.goldmoney.com/ website details and I note that you can for instance transfer gold from the Singapore/wherever vault, to their London vault, assuming that's local, and then arrange for physical collection in the form of Sovereigns.

Sovereigns used to be a main international trade settlement currency, and to a much smaller extent continues to be so between some countries, albeit partial settlements.

For British residents Sovereigns are exempt from capital gains tax. When you buy vaulted gold with goldmoney however you buy into bars/grams. I've emailed them with the suggestion of including a option to buy into Sovereigns, as then the gold holding period/gains would be CGT exempt. As-is and technically if you buy gold, and later withdraw that in the form  of Sovereigns, that withdrawal is a CGT taxable event as you were selling/exchanging bars for Sovereigns and any capital gains arising from the bars is a CGT taxable event.

That could be a nice solution for some. Being able to buy vaulted Sovereigns for Pounds, stored and movable between a range of international vaults, and later withdrawing (or selling) those vaulted Sovereigns and not having to report/declare any capital gains tax liability. Whilst I suspect not adding too much of a additional overhead on top of goldmoney's existing setup.

[dicker]

Good luck with the amateur accounting and HMRC!

[Uksilverstackers]

You can buy Sovereigns via Bullionvault but can only vault bars.

Bullionvault - Buy Coins

 

 

 

[Bratnia]

19 hours ago, dicker said:

Good luck with the amateur accounting and HMRC!

Please explain. As-is buying vaulted gold as bars, has capital gains tax due on sale against gains. Buying vaulted Sovereigns are exempt from CGT when sold (assuming legal tender Sovereigns that are specifically excluded).