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CGT on gold
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Kirkmain
Posts: 212 Forumite

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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Comments
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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.0 -
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)
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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)
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