Buying Gold & Silver!

Gollygumdrops

I can’t seem to find a post where this type of investment is mentioned so perhaps someone can help me.
I have in the past bought some gold and silver bullion coins, before it shot up in price the last 18 months.
What I need to know is, if I were to start again buying such (no intention whilst the price is high) do I have to declare it anywhere?  I assume that some government department gets to know when you actually buy it, from the retailer but they do not know if I still have it or have gifted it to family or friends etc. so is it safe to buy, without being detrimental to my tax situation?
I am only talking about small amounts of coins but is this a way that higher earners could get around the £500 interest tax limit?
Sorry if this seems somewhat elementary to lots of you but investing has never been my forte!

wmb194

Gollygumdrops said:

I can’t seem to find a post where this type of investment is mentioned so perhaps someone can help me.
I have in the past bought some gold and silver bullion coins, before it shot up in price the last 18 months.
What I need to know is, if I were to start again buying such (no intention whilst the price is high) do I have to declare it anywhere?  I assume that some government department gets to know when you actually buy it, from the retailer but they do not know if I still have it or have gifted it to family or friends etc. so is it safe to buy, without being detrimental to my tax situation?
I am only talking about small amounts of coins but is this a way that higher earners could get around the £500 interest tax limit?
Sorry if this seems somewhat elementary to lots of you but investing has never been my forte!

Interest? Gold coins don't pay interest. If you buy British coins there's no 'tax situation' ie. they're exempt from CGT*. Foreign gold coins and bullion attract CGT.

https://www.chards.co.uk/guides/capital-gains-tax-on-gold-and-silver-bullion/4

"...but they do not know if I still have it or have gifted it to family or friends etc. so is it safe to buy, without being detrimental to my tax situation?"

Why would it be "detrimental" to gift things? What are you planning?

*Pre-1837 sovereigns do attract CGT

[Deleted User]

Correct me if I am wrong, but Royal Mint issued gold and silver coins like Sovereigns, are a legal tender. Government is not taxing it, apart from VAT on new silver coins when you buy them.

Government cannot trace it any further once it is in your hands. Feel free to buy and gift whoever you want, no tax implications, making purchases from your own account, it's a legal tender after all.