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Gold coins.

Gold coins.

Didn't find your answer?

They aren't on the HMRC list of exempt assets but this list states that exempt assets "include" so possibly other items might be included. The list seems to be restricted to personal items rather than investment items.

Also, can Limited Companies make exempt gains?

Thank you in advance for your comments.

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By George Attazder
28th Jun 2012 11:00

If...

... you're able to spend them in the UK, or plan (and are a able) to spend them while you're abroad, then they'll be exempt.

Otherwise if they don't constitute a "set" and will be sold for less than £6,000, they will be exempt.

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By honesty
28th Jun 2012 12:22

Thanks but,

these are investment coins. They have a stamp value of 100 pounds and weight value of 1000 pound or so. I was looking into the CGT arrangement as he has been informed that they are CGT exempt. He is buying them in his company name.

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By George Attazder
28th Jun 2012 17:46

I was talking about CGT...

... and I identified the only 3 exemptions that will prevent any gains on the coins from being chargeable gains.

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By lisler
28th Jun 2012 19:59

What are the coins?
CG78308 - Foreign currency: coins: legal tender

Sovereigns minted in 1837 and later years and Britannia gold coins are currency but, like all sterling currency, are exempt because of TCGA92/S21 (1)(b).

"Taxation of Chargeable Gains Act 1992

21Assets and disposals

(1)All forms of property shall be assets for the purposes of this Act, whether situated in the United Kingdom or not, including—

(a)options, debts and incorporeal property generally, and

(b)any currency other than sterling, and"

 

Negatively defined but quite clear that sterling currency is excluded from Capital Gains Tax

Brittanias have a face value of £100 but the market value is currently around £1000.

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By honesty
02nd Jul 2012 09:29

Thank you for your

comments on this one. The legislation was what I was looking for. S1 (2) of this says that CT will be charged to companies. This would suggest that these coins should be purchased in a personal capacity rather than his company being the owner and finance this with divis/salary.,

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