investing in gold/silver, and tax implications

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paperclip

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hi, i'm thinking of investing a couple of grand in gold or silver with bullionvault.

if i make any profit, do i have to pay tax on this? and if so... how is this payed? is it a case of me having to declare it?
 
Gas that some claim gold and silver are bubbles and yet few if any people ever show an interest or post with regard to gold.

This is in marked contrast to the numerous and lengthy property threads that went on before and the numerous and lengthy deposits threads of recent months.

Strange bubble that does not have public participation.

Seems that dogs poop is more popular than gold on Ask About Money. :)
 
I'm traveling at the moment, so can't buy coins... plus i think your gold is more secure with bv... as long as the whole system doesn't crash... but from what i've been reading about them, they seem pretty air tight.

do you know how much the cgt is? and, if i have an account with bv... and in say, 5 years i sell my gold and make a small profit... i just move the money into my account... how would the revenue know about this?

i'd be a very small fish in a very big pond.

george.shaw said:
BV is digital gold and you have the attendant website, server, technology and internet risks - see http://www.askaboutmoney.com/showthread.php?t=137753&highlight=gold

There is CGT on all gold and silver investments except legal tender gold and silver coins - see
INVESTORS SCRAMBLE TO BUY GOLD COINS TO ESCAPE CAPITAL GAINS TAX
http://www.reuters.com/article/idUSLDE64S00A20100529?type=marketsNews
http://www.ft.com/cms/s/0/74825c32-6a93-11df-b282-00144feab49a.html
Click to expand...
 
true, from talking to an investor friend, and what i've been reading online, silver sounds like it's really been overlooked.

george.shaw said:
Gas that some claim gold and silver are bubbles and yet few if any people ever show an interest or post with regard to gold.

This is in marked contrast to the numerous and lengthy property threads that went on before and the numerous and lengthy deposits threads of recent months.

Strange bubble that does not have public participation.

Seems that dogs poop is more popular than gold on Ask About Money. :)
Click to expand...
 
CGT on gold coins

I just found out that capital gains tax is exempt on gold and silver coins that are legal tender. This I found out from a UK website but this is fine for a UK resident if they own sterling gold or silver coins. However what is the situation in ireland as sterling is not legal tender in ireland. I presume if you own US gold or silver coins then as an irish resident you are still liable for CGT
 
Not so

I think that any coins that are legal tender in EU aqre exempt see this
link

[broken link removed]
 
Was looking to buy set of Sovereigns from UK for Xmas. Anyone know if there is VAT or Duty on these when importing? Thanks
 
This probably not the best old thread on gold investing but still interesting, a lot of the queries are the same as with bitcoin now. I know gold investing was all the rage back in 2010/11 but then it goes quite and you never hear how the people got on after. It looks like a good time to buy gold again now though.
 
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