We all need to prepare for the future, to ensure our loved ones are protected when the time is right. Sometimes, we don’t even notice the change in the purchasing power of the pound, how our money is performing – or even where it’s going.
In 2022’s autumn budget, the UK government made the decision to cut the capital gains tax allowance threshold by half from £12,600 to £6,000 in April 2023, with it to be halved again in 2024 to only £3,000 – that’s less than a quarter of its current level. This move is predicted to have a significant impact on struggling Britons at a time of extreme economic uncertainty – retirees who rely on dividend income to supplement their pensions, and those who own second properties, investments, and other valuable non-essential assets, like expensive wine or antiques.
What is Capital Gains Tax?
CGT is a tax on the profit made on the disposal of assets. The gain realised in excess of the personal allowance is taxed.
For example, a property bought for £200,000 and sold later for £350,000 realised a gain of £150,000.
Individuals in the basic income tax band pay 10% on their gains and 18% on gains realised with a residential property.
Higher and additional rate taxpayers pay 20% on gains and 28% on residential property.
British Legal Tender
A Tax Free Asset
Yet CGT does not apply on certain coins. Such coins must be British Legal Tender – gold and silver Britannias as well as gold Sovereigns are legal tender at face value, though the value in gold far exceeds face value. So, any gain you make when you sell can legally remain outside your CGT calculation, no matter how great it is.
Many of Rosland’s coins are Capital Gains Tax free (not to mention VAT free), meaning you can sell them or pass them on to your loved ones when the time is right, safe in the knowledge that not a single penny will be paid in tax. And with the changes to CGT coming into effect very soon, there has never been a better time to protect your wealth and grow the savings you have been building for so many years.
The process is simple. Rosland’s knowledgeable and friendly team is on hand to discuss all aspects of starting your gold portfolio and ensure a lasting legacy. We work directly with our clients to deliver a bespoke service built on the most up-to-date market data, trade insights and industry research, making us your best source for CGT and VAT free coins.
You’ve worked hard all your life, it’s only right that you should protect your wealth.
GET IN TOUCH
We understand that buying gold isn’t to be taken lightly, and selecting the right products is a big decision. That’s why the team at Rosland are on hand to answer any questions you may have.
Complete the form below and a gold specialist will be in touch. Alternatively, you can call us on 0800-902-0000 for a friendly, no pressure conversation.