i have good and bad news, just in in-tray
the good news, that the officialdom is doing the necessary to help those who exercised dd due diligence and / or practiced aa astute agility, embraced revelation, sough salvation, engaged redemption, and those who simply wagered for gold
the bad news, as in the case where we are in a 'safe' fox hole of the otherwise blood-soaked arena, the crowds is heading our way, and the howitzer barrage as well
a taxing situation in the UK.... ft.com
Scramble for gold coins to beat tax increase
By Javier Blas and Vanessa Houlder
Published: May 28 2010 21:08 | Last updated: May 28 2010 21:08
British investors are scrambling to buy sovereigns and Britannia gold coins in an attempt to use a tax loophole to avoid paying more capital gains tax.
Mark O’Byrne, of Gold Core, a London-based gold coins and small bars dealer, said it was selling sovereigns and Britannias “in the thousands”
“This week we sold more than in any other one-week period,” he said. “The vast majority of the buying is related to CGT.”
The move comes as the government plans to raise CGT for items such as second homes and shares to rates “similar or close to those applied to income”, suggesting a rise from the current 18 per cent rate to nearer 40 or 50 per cent. The tax increase is likely to come into force next April but could be introduced on June 22 alongside the government’s planned emergency Budget.
UK-minted bullion coins are exempt from CGT as they are considered legal tender. Some investors are choosing to buy gold coins instead of other assets that would incur CGT.
Revenue & Customs says “sovereigns minted in 1837 and later years and Britannia gold coins are currency but, like all sterling currency, are exempt”. Coins that are currency but not sterling, such as South African krugerrands, are subject to CGT, the Revenue says.
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