Reading some confilicting advice. A client has sold over 30k's worth of Kruggerand in the tax year 12/13
Is there CGT payable on these disposals?
Thanks.
Replies (8)
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Presumably, although you don't say, he has sold them for more than he paid for them.
Why would you think gains on disposal of Krugerrands would not be subject to CGT?
I'd missed...
... the final paragraph of CG78309.
When I said personal use, I was paraphrasing. The legislation refers to currency acquired for personal expenditure outside the UK. See CG78315.
Your only hope would seem to be that some of them may not have been genuine Kruggerands issued by the South African mint. See the variations and imitations paragraph on Wikipedia.
Base cost could get interesting
Presumably their gift to your client were events chargeable on the grandmother at OMV. Quite possibly covered by annual exemptions and cost to grandmother at the time, particularly if split over several years.
With kind regards
Clint Westwood
Typical
When I went to visit my Granny, I was lucky to get a bit of shortbread.
On another note, anyone care to consider the money laundering implications of Granny's biscuit tin of South African bullion coins hidden under her bed?