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Capital Gains - 30 Day Rule

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Looking for some information on CGT. Like some on here I have invested in gold. With CGT set to rise to 40% I am considering bailing out at least long enough to lock in my profits to date.

I am aware that I cannot simply buy straight back in, so my question is can anyone point me in the right direction with regards to confirming the '30 day reinvestment rule'?

Mods: can you leave this on the main board for awhile, thanks.

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Sadly, I spent many hours and went through about 200 pages of legalistic waffle on the HMRC website before I spotted the 30 day rule and only after I had 'bed & breakfasted' some gold and lost out on commission. Can't recall the exact pages but from memory it's somewhere under the portion which distinguishes between trading (i.e. income tax liable) and investment (CGT liable), probably talking about securities/assets in a general sense rather than looking for anything specific to Gold.

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Looking for some information on CGT. Like some on here I have invested in gold. With CGT set to rise to 40% I am considering bailing out at least long enough to lock in my profits to date.

I am aware that I cannot simply buy straight back in, so my question is can anyone point me in the right direction with regards to confirming the '30 day reinvestment rule'?

Mods: can you leave this on the main board for awhile, thanks.

There's an interesting possible workaround that was pointed out to me by an accountant on this one. Whilst you can't but the same asset straight away, you can buy proxy assets in some cases. It would definitely be ok to sell physical gold and buy a gold mining company unit trust for example. It may even be ok to sell physical gold and buy a gold ETF. If you've got enough invested for it to be worth worrying about, talk to an accountant.

One other thing to note is that I don't think they've said anything about the 10K tax free CGT allowance, it may be that this will stay even if the tax rate above that rises.

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One other thing to note is that I don't think they've said anything about the 10K tax free CGT allowance, it may be that this will stay even if the tax rate above that rises.

There was some talk about it being cut - not convinced they will though.

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There was some talk about it being cut - not convinced they will though.

It'll be difficult to get rid of it entirely for sure. CGT calculations are messy at the best of times and the current limit allows most people who buy and sell small holdings to safely ignore that section of their tax return. If the limit was 0, I can see the revenue having to open extra call centres to answer all the questions that people would have on self assessment.

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Looking for some information on CGT. Like some on here I have invested in gold. With CGT set to rise to 40% I am considering bailing out at least long enough to lock in my profits to date.

I am aware that I cannot simply buy straight back in, so my question is can anyone point me in the right direction with regards to confirming the '30 day reinvestment rule'?

You can 'Bed & ISA' where you sell outside of an ISA and buy within an ISA straight away. There's at least one exchange traded fund based on physical gold, if that's an acceptable way of holding to you....

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I think you are right that the 30 day rule applies, because it is a fungible asset (like shares). But I am not 100% sure.

rule is set out here:

http://www.hmrc.gov....ual/CG50564.htm

EDIT: maybe you could try searching for that section 106A legislation and see if it explicitly states "shares" or fungible assets? And then confirm the circumstances under which your type of gold holding is treated as a fungible asset?

Edited by Toilet-Currency

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Hold on you were not one of those stupid people who actually declared their gold holdings right?

Or are you even more stupid and have gold in one of those non existent bullion vaults which don't actually have any gold.

If you didn't or have a phenominal amount of gold simply take it overseas somewhere like Hong Kong and sell it there, kruggerands hide easily inside a handful of pound coins, silver eagles hide incredibly well in ten pence coins.

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I seem to remember a CGNAO post from years back recommending buying some sort of gold coin (sovereigns?) because they're legal tender and therefore exempt from CGT. Maybe you can "buy back in" that way?

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Many thanks everyone. Still got some research to do but I have a better idea of where to look and what to look for.

Much appreciated.

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I seem to remember a CGNAO post from years back recommending buying some sort of gold coin (sovereigns?) because they're legal tender and therefore exempt from CGT. Maybe you can "buy back in" that way?

Sovs and Brits are legal tender and not subject to CGT.

So, to the OP, sell your gold and by Gold in the guise of UK coins which are exempt (today) - this is not an endorsement to buy gold btw.

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Can I ask a similar hypothetical question...

Suppose we have a default, and a sterling currency crash (actually, that's not too unlikely!) perhaps a devaluation of say 50%... If you had a stack of gold, then almost instantly it'd be worth double (maybe more if you factor lack of fiat confidence in)

So, you have 100k of gold, which suddenly becomes worth 250k sterling, are any of the following two methods going to get you off the tax hook

1. Arguing to the taxman that your net worth hasn't actually increased, it just that the value of the currency he's counting it in has collapsed (which isn't your fault), and therefore you don't see why you should be taxed... or

2. Choosing to sell in a tax year that had at least another 7 months still to run, and simply buggering off to 2 or 3 other non-EU countries to claim non-dom status for that year? and making sure you didn't spend more than 5 months in one tax jurisdiction. The way I look at it (assuming the figures above) you're choice would be to either give Wee George 40% of your £150k increase, or instead spend less than a quarter of it going first class around the US, Canada, and perhaps OZ, before returning to the UK..?

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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