Capital Gains Tax – Changes following Autumn Statement
Bleyer Bullion
Bleyer Bullion is the South West of England's premium bullion service serving the whole of the UK and beyond.
On 17th?November 2022, Chancellor Jeremy Hunt delivered his?Autumn Statement .?There were a number of headline announcements, like changes to the income tax threshold and a freeze on national insurance but did you notice the less reported changes to Capital Gains Tax regulations??
Capital Gains Tax (CGT) is paid on gains you make when you dispose of certain assets, for example, property that is not your main residence. Currently, the annual tax-free allowance for Capital Gains is ￡12,300.?
The proposed government change is to reduce the annual tax-free exemption over the next two years. First, in April 2023, the exempt amount will be reduced by more than half to ￡6,000 per annum. Then, from April 2024, this amount will be halved again to ￡3,000 per annum.?
This means that without careful planning, any individual selling an asset for a gain will likely pay more in CGT after April 2023.?
Don’t worry, we have a solution for you!?
What investment is Capital Gains Tax-free?
If you’re an investor in the UK, most gold and silver coins produced in the UK are?‘Legal Tender’?and therefore exempt from CGT. This means you can make an unlimited tax-free profit on investments of any size and value on any legal UK currency coins.
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NB. This is not the case with?standard?gold and silver bars. Gold and silver bars have no denomination value, and even if purchased in the UK, are not representative of legal tender. This makes bullion bars subject to Capital Gains Tax.
Examples of CGT-free UK coins include?Royal Mint Britannia Coins ,?Royal Mint Sovereign Coins ,?Royal Mint Queens Beast Coins ?and?Royal Mint Lunar Coins .?
When searching for Capital Gains Tax-free coins on our website, tick the “UK” search filter in the left-hand menu.?
We recommend that all readers should do their own research before making any purchases, but if you’d like to speak to a member of the team, we’d be delighted to hear from you at 01769 618 618, or you can email us at?[email protected] ,?and we’ll get back to you asap.?