CGT on gold

Kirkmain
Kirkmain Forumite Posts: 26
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My grandma gifted me gold for a wedding many years ago. If I want to sell this gold and not attrack HMRC suspiscions I should really pay CGT on sale. But how do I work out my CGT on a gold gift? Do I need to look up the value of gold on day we got married? Or is it calculated based on when my grandma purchased the gold (although I have no idea when this is and she is no longer around to tell us)

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  • spider42
    spider42 Forumite Posts: 86
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    edited 9 July at 10:23AM
    How much is it currently worth? If it is physical gold, and worth less than £6,000, then it will be exempt from CGT under the chattels rules. See  https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg76870

    Even if it exceeds £6,000, then the capital gain is restricted to 5/3 of the excess above £6,000, if lower than the actual gain.

    The deemed cost for CGT purposes will be the market value at the time it was gifted to you.
  • wmb194
    wmb194 Forumite Posts: 2,535
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Kirkmain said:
    My grandma gifted me gold for a wedding many years ago. If I want to sell this gold and not attrack HMRC suspiscions I should really pay CGT on sale. But how do I work out my CGT on a gold gift? Do I need to look up the value of gold on day we got married? Or is it calculated based on when my grandma purchased the gold (although I have no idea when this is and she is no longer around to tell us)
    In what form is this gold? If it's British coins 1837 and later then they're exempt from CGT.
  • NedS
    NedS Forumite Posts: 3,371
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    wmb194 said:
    Kirkmain said:
    My grandma gifted me gold for a wedding many years ago. If I want to sell this gold and not attrack HMRC suspiscions I should really pay CGT on sale. But how do I work out my CGT on a gold gift? Do I need to look up the value of gold on day we got married? Or is it calculated based on when my grandma purchased the gold (although I have no idea when this is and she is no longer around to tell us)
    In what form is this gold? If it's British coins 1837 and later then they're exempt from CGT.
    Indeed, it was not uncommon for grandparents of that era to gift gold sovereigns on special occasions such as weddings. These will be exempt from CGT as they remain legal tender in the UK (with a nominal face value of £1)

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