A client reports she purchased several high value UK gold bars ( some time ago using her credit card in the UK) and immediately gifted them to her foreign boyfriend. There is no paperwork other than the original purchase receipt in her name to support the gift disposal.
Presumably there would have been no CGT liability on the original disposal by gift as the acquisition and disposal price will be the same . Should the disposal gift transaction have technically been reported on client's SA CGT return as value of gross disposals in that tax year likely way above CGT threshold?
Non UK resident boyfriend now plans to sell these gold bars he has owned for several years while visiting UK on holiday. Will the sale be CGT free for him assuming he has always been non resident? Owner always non resident so presumably not subject to CGT on this asset type?