Chancellor Jeremy Hunt announced a reduction to capital gains tax allowance during his autumn statement in November 2022, his announcement laid the plans for a reduction from the initial £12,300 allowance to be cut down to £6000 from April 2023.
With April creeping closer lets dive into what this means for you as an investment bullion buyer and seller.
What is CGT? - CGT is an abbreviation for Capital Gains Tax, This is a tax that is implemented onto any profits made by any individuals sales of non-inventory items, such as stocks, bonds, real estate, property and in this case we are focusing on the most valued items. Precious metals such as gold coins and bars, also known as investment bullion.
What is CGT exempt? - All British gold coins minted by the Royal Mint are Capital Gains Tax (CGT) Free as they are considered legal tender. Additionally all investment gold is VAT Free. Making coins such as the Gold Sovereign and Gold Britannia coins highly favored by Investors looking to take advantage of Capital Gains Tax Free Investments.
What is the current exemption for CGT? - As of today February 16th 2023 capital gains tax allowance is still currently up to £12,300.
What will the new CGT exemption allowance be? - The current allowance of £12,300 will decrease over 50% to £6000 this coming April 2023. Along with another planned cut to the allowance coming in April 2024 to £3000.
What are your options as a bullion investor? - In regards to your purchases come April 2023 and 2024, making the decision to buy CGT Free gold from trusted Gold & Bullion Professionals; such as Hatton Garden Metals which is a tried and trusted means of avoiding the unnecessary charges associated with CGT. As all Gold Bullion orders are sent with FREE postage and packaging and our prices are the best you can find online.
Additionally any alternative investments from British stock such as gold bars and world mint coins should not be cast aside amongst these limitations, they are still viable and strong choices for investment as the fine gold content will remain the same throughout each bar struct and coin minted.
As premiums are lower on heavier bars it is a strong investment choice to purchase fine gold content at the lowest premiums, this is something to be conscious of when making bullion investment.
What are your options as an investment bullion seller? - As a seller looking to make the most returns on your investment, as we all aspire to do, is  to focus on building your bullion portfolio with CGT Free stock, or as we like to refer to these items, specifically gold coins; as British stock. By Doing this you completely remove the risk of any charges for the profits you make on your investments when you choose to sell any of your investment bullion.
 When it comes to releasing world mint coins or gold bars, sell these little and often. Watch the market and keep your holdings within the CGT charge limit.
You've finished reading this article, what are your options now?
The importance of choosing the right bullion dealer to buy and sell through is solely down to you and understandably a serious discission, However if anything in this article has made you feel inspired to work with us at Hatton Garden Metals a member of our team will always be happy to assist you!