Bruh Labour can do one, because I save up and work a lot to buy my silver and gold DOES NOT mean I am doing well at fucking all. I rarely treat my self and do my best to save to invest, they can get their money somewhere else, not the innocent UK people.
They don't want you saving, they want you spending so they can get even more of a cut of your income through the VAT. In our so-called free society , tax is an enslavement mechanism and they're only tightening the screws on the common man. If you have gold, at least if worse comes to worse and the West collapses, you can flee and start a new life.
Well, yes as long as you keep under your annual allowance. You need to declare everything that is over though, If you don't then you could be in trouble
@@BackyardBullion The allowable thresholds are going to become so low that in many cases you will make a met loss after tax. The only solution is don’t tell them.
@@davidp4456I'd say most people who aren't in business or trading don't tell them or aren't even aware. You may not even remember how much you paid originally either.
Whatever the pro’s and con’s of the US taxation system the key standout is that it is applied universally and the rich and poor are subject to the same rules. In the UK their is a weird system of tax deductible allowances that allows company owners to reclaim their tax on certain expenditures and this is easily worked for individual benefits. You can’t get rich on a regular well paid job but you can if you work, and moreover cheat the tax exempt benefits. In the UK the poor are in reality subsidising the rich. This is why there is no economic growth and house prices have gone beyond the means of normal working families.
The whole concept of taxing you on selling gold and silver always seemed insane to me. Coins are in fact just a given amount of metal which we trade for goods or services. 1 pound is called that because it was originally one pound in weight of silver. What most people call money now are in fact just promissory notes from the bank of England for them to give you the equivalent in metal coins if you present that note too them. What the government are basically saying is that if you exchange actual gold for some promissory notes for the bank of England to give you the same amount of gold you will be taxed on it. Its insane.
@@ARegularBloke But we are, its just that now the equivalent amount of gold or silver is too small for a pound after all the inflation so they use different metals. A pound coin is worth a pound because of the material it is made from, it just isnt silver any more.
don't worry, here in Europe we're taxed 21% on it and when you sell it even in an auction, people bid the silver price + spot + tax as that's the sales price in a bullion store. And in a auction, you always make 10% above bullion store prices as there's no record of that gold and silver while buying in a bullion store is registered.
9:34: Please be careful, the "Swiss Miss" (Vreneli) coins bear the denomination of CHF 20. Unlike the French Franc, the Swiss Franc is still a legal tender in Switzerland. That said, if you're selling the French Roosters, also denominated in 20 Francs, those are for a defunct currency. By that logic, could an old Philharmonic denominated in Austrian Schillings be also tax-exempt?
In the US, sale of American Gold Eagles, Gold Buffaloes and American Silver Eagles generate no tax paperwork, no matter the quantity sold. It is up to the seller to report the sale and the amount subject to capital gains. So, there's that.
Scenario Buy sovereigns when spot is low and sell to a dealer when spot is high over the year. Then put the profits into your private pension, making sure you don't go over your tax allowance. Do you think you would charged VAT and national insurance?
Im just looking at how to buy and sell gold and silver. Just out of interest. I found this video very informative. I followed it up just now with a video of Godfrey Bloom from 7 days ago called - Are you ready for what is coming? Im not far into watching it yet but have popped back here to say something. Bloom says (if im understanding) That you should buy gold coins since they do not have VAT and capital gains. I thought you were saying they had to be out of date coins to be in that category???
Thankfully in Canada, we dont pay tax buying, selling, or any capital gains on the metals. We do however pay tax on metal lower than 999 in purity. Junk silver and gold for instance. Depends where you buy it too
@geletrode never paid any gains tax ever. Sell to a coin store. Also, how could they possibly know you gained anything? There is no record of purchase at the coin stores when you buy in person. You pay cash, you don't give id. If you sell to a big online dealer, you may be recorded but who is doing that? I've bought, sold hundreds of ounces of gold and silver, not once did I have to pay any gains. I've only ever sold when It was to gain.
Before 1 January 2000, gold sales in the UK were subject to VAT. This changed because of the disparity between rules in the European Union…so they could reverse this ?
45404 shout out to the ramblers... These last 2 vids could be the most important out there right now for uk stackers... Saw this coming for ages and have been moving out non UK legal tender stuff for a while... Would be worth putting these vids in a playlist.. Thanks for sharing your thoughts BYB 👍👍👍👍
Fun fact: " Libertads are devoid of face value, yet are legal tender, still accepted as currency and guaranteed by Banco de México based on the market value of its gold or silver content."
I’ve always thought double sovereigns offer the best of both worlds in terms of value and the flexibility of fractional gold but these aren’t mentioned at all in many videos. Are the doubles difficult to sell on? Do collectors shun them in favour of regular sovereigns for whatever reason?
I been paying 30% emergency tax for some tome for some reason i sorted it outbefore but im paying it again, them when i go to buy silver i pay 20% on that aswell so im at 50% gone before i even start sonif theres capital gain tax then whats the point? Anyone know what the percentage is on capital gains tax
Gold and Silver offshore in a confidential allocated position, good luck Liebour party in finding this as there are no financial industry reporting requirements for these businesses
I already pay tax on silver if it’s under$1,000.00 if over $1,000.00 No sales tax , I’ll be damed if I’m paying tax again on my silver; they can pound sand . 😊
What if you dont know what you paid for it and when? What if you got them through barter, is it classed as 100% capital gains. I think the small amount i will use as barter.
So, if I have silver bullion coins other than britannias, and I sell them less £3000 in financial year in total, it is still exempt from CGT? Is this correct?
I thought you can claim tax loss? But I agree.. what I don’t get is paying VAT on gold/silver and immediately losing 20% then paying cap gains tax on any profits
Do Eagles, Philharmonics and Maples sell for the same amount on the Buyer's Club, or do some fetch more than others ? Also, is it still £1 / Oz selling fee ? I'm talking about silver, obviously.
Big batches (100 oz plus) £1 per oz, otherwise my price is £1.25 per oz. Maples, philharmonics and Eagles all go for around the same, £26 per oz is what I would ask for on those. Interestingly the philharmonics are not legal tender any more, so they are CGT exempt as a chattel!!
I don't keep track of when and how much I paid for any of my stack. I feel it doesn't really matter. When I need to sell it I'll sell it for whatever I can get. doesn't matter what I paid for it. I might have bought it yesterday and I'm losing money selling it tomorrow. As opposed to buying it 20 years ago and making two and a half times my money on it. In my opinion it's all the same.
@@BackyardBullion Not necessarily. Where you prefer to have your 'wealth'? PMs in your hand or electrical digits on a bank's computer screen? I don't trust the banking system, so I withdraw all of my spare 'money' every month and buy a UK coin of the realm. Whether is goes up or down in value is irrelevant to me.
There you go mate: PO 45404. Great video. I just purchased 1kg (31coins) of 2nd hand Eagles vat free from Atkinsons for £942 and was wondering if I'll have to worry about CGT. All my 1oz gold coins are Britannias so they're fine. Vat free & CGT free. Happy days! Cheers m8.
OOF, well - you could have bought 31 oz for around £25/oz on The Silver Forum - go check it out. Silver from any dealer is going to be expensive. You will do well to make any gains on them at all if I am being brutally honest.
@@BackyardBullion Yeah, but buying from a dealer guarantees safety. I don't trust forums especially when they sell cheap. I pay more for a piece of mind.
Well, more fool you then I am afraid. You are throwing away money. I have sold over £1.5 million of other peoples gold and silver in the last 2 years without issue and all at dirt cheap prices. You are literally burning money
Not sure about UK, but here I the states I get taxed locally, so I just send metals to my sister in a tax free state. Then I'll buy her whatever amount in silver that I would have paid in taxes. That means I can still get my metals And the family comes up a little bit as well. F taxation
Well, technically all my hand poured silver can be defined as a chattel and therefore exempt from capital gains tax as long as each piece is sold under £6000
Here’s a wee thought what if some nice person gives you a gift therefore cost 0 and you then sell that gift 15 years latter for X pounds if there was no starting cost then it is not practical to calculate a profit and therefore pay any tax. Just a thought.
You would have to calculate the "market value" at the date of the gift. I have to do this all the time for when I get gifted sponsored items and then put them into my bookeeping for my business.
@@BackyardBullion agreed but say this item was bought in a foreign airport in the desert and from a shop you didn’t know and we’re not aware of the price of the gift or the market value or the country , yes I know Symantec ‘s but this could have happened to a friend who hasn’t a clue. So how can I be expected to do this. Ah if only I had a problem like that lol
There is actually guidance on this with HMRC. You would have to demonstrate that you have done some kind of research and made an effort to find a market value at the time of gifting, not the time of purchase but when you received it. For precious metals thats easy, just spot price on the day you got it.
Can you melt down gold coins that are still legal tender and forge them into artifacts that could then become chattels? I’m a blacksmith experimental archaeologist and like to make gold replicas from the Iron Age. Or how would I stand if buying gold to melt into Ingots to then forge into replicas from the Bronze Age and iron ages as experimental archaeology projects. And if I resold these objects how would I navigate taxes?
@@BackyardBullion Thanks for your reply. For my projects in replica gold artifacts from The Bronze and Iron Ages, do you recommend that I purchase ingots of gold to re forge or from old gold jewellery to melt down into ingots etc? If so where is the best reliable supplier of pure top quality gold in Britain? Is welsh good still available? There is Cookson gold in London that sell gold to gold and silver smiths. I’m very cautious about where and who is the trusted supplier to obtain quality gold. I will be reworking the gold into Celtic treasures and masterpieces that I will be studying objects like the gold torcs found in Norfolk within the British museum London and i’d like to be able to use the best gold I can get . So I’m thinking starting with gold ingots. Any help and advice would be gladly received.
labourites did this in the early 70s. It was called exchange control order, and a number, cannot remember now I think 438. This was done on gold. The conservatives removed as soon as they got in. And you was only allowed to have one gold coin. If you were a collector, you had to apply to the bank of England, fill forms out, and they made a decision.
Been saying this for years with CGT for many years and i always got people daying im nvwr foung ro sell enough.... At this rate we will have no CGT allowance . As for silver and vat, every penny in tax tou pay is 1 less penny in your pocket , you are literally throwing money in the bin .
Alternatively, you have not made any money on that investment, the previous metal is no lighter in weight or smaller in mass . It’s the UK pound that has lost it’s value. Shouldn’t the government and Bank of England be paying you ? I recommend everyone to look into the law and jurisdiction of the laws . The United Kingdom is not a physical country, it’s a LTD company registered at companies house. I’ll make it quite clear you as a person are not the block capitals name on any tax bill / legal document. That is a trust set up via your birth certificate for which commerce can be done through the banking system and courts. And document in block capitals is not you . It’s as fraudulent and deceptive as the FIAT banking system. Ah yes one more thing all laws ( Land Air Water) contain legalese. A deceptive language purposely used to give any judge the upper hand . Solicitors are not representing you and your best interests nor are barristers as they have signed an oath to the Bar Association . Mortgage = death pledge Must = may Signature = sign of nature Council = cartel Check out the legal meaning of ‘ person’ . And another thing lovely peeps , the police are a corporate entity and one of the shareholders in that corporation is a legal / bailiff organisation ( as far as I’m aware) . So a conflict of interest!!!! The justice system is a corporate entity too , ie for profit making organisation. So everything in life seems to evolve around keeping the books in proper order be it laws , freedom or financial instruments , Governments overreach. Artificial Intelligence will be keeping an eye on everyone, however an accounting system is only as knowledgeable as the data input by you if anything isn’t registered then there is no record of it . Let’s hope the system is better than the post office accounting software 😂 Good luck with that rabbit hole and deep dive . 😇🇬🇧
So silver bars count as Chattle in the UK? Why not coins too? They can be moved like a bar. These laws make no sense. They're just willy nilly nonsense. How else would I prove something as a personal possession, other than saying I'm a person who possesses this object.
@@BackyardBullion So I'm better off buying bars with no fiat currency attached to them, or else buy legal tender coins that are CGT free. This is good for silver kilo bars.
@@BackyardBullion£6000 or under is pretty decent too if you just want to make a decent amont of money without being legally stolen from. I'm guessing that's £6000 in one year period.
It’s just not worth the risk the tax man will surely get on to the chattels just look at how much cgt allowance has been reduced over the years stick to brits and sovs 4504
Coins of the Realm. There is a clause in the 'Coinage Act' that makes ALL coins the 'property' of the Sovereign and can be recalled. Therefore being all in on coins may not be the best of things at the moment. Parallel Mike did a video on this some time ago. th-cam.com/video/KLUy08kMhCQ/w-d-xo.html
if you are in the UK it's a no brainer- stick to sovereign gold, no VAT, no CGT ever (unless Labour notice this and decide to change the rules)
And they will.
@@olliemoose2020 True, but the army of young men from 'istan countries continues at pace. Someone has to pay for these freeloading anchors.
It should be allowed to claim inflation loss.
True sell in ten years make 9k and pay tax . When in fact after inflation and tax you have lost value.
There’s no adjustment for houses
Bruh Labour can do one, because I save up and work a lot to buy my silver and gold DOES NOT mean I am doing well at fucking all. I rarely treat my self and do my best to save to invest, they can get their money somewhere else, not the innocent UK people.
It sucks for sure.
They don't want you saving, they want you spending so they can get even more of a cut of your income through the VAT. In our so-called free society , tax is an enslavement mechanism and they're only tightening the screws on the common man. If you have gold, at least if worse comes to worse and the West collapses, you can flee and start a new life.
Remembering picking up extra hrs so I can buy silver over going out
@@vishalsureshverma So you know the grind to actually try and get some sort of wealth in the future
They hate u mate! Almost all European governments hate "their" people. They have a douzin of reason to want to impoverished you.
Just don't pay. Sell small amounts and keep.
Well, yes as long as you keep under your annual allowance. You need to declare everything that is over though, If you don't then you could be in trouble
@@BackyardBullion The allowable thresholds are going to become so low that in many cases you will make a met loss after tax. The only solution is don’t tell them.
@@davidp4456I'd say most people who aren't in business or trading don't tell them or aren't even aware. You may not even remember how much you paid originally either.
Could it be I’ve found another Monster Hunter fan on the BYB channel? I spent so many hours on MH4U, gotten into MH Rise too.
Just get other people you know to sell them so you never hit the limit and get them to bank transfer the money to you
Thanks Mr BYB, Some useful aspects of alternative interpretations.
You are welcome!
Why should we pay tax on money we have already paid tax on?.
You might now agree with why, but are you going to go to prison or worse for not doing it?
@@BackyardBullion probably in the UK! I lost mine gold and silver in a boating accident!
@@joshuarhoades2740a lot of guys in USA lose their firearms that way too, very suspicious 😂
However, you didn't pay tax on the investment gains, and that is what is subject to capital gains tax.
@@joshuarhoades2740same
What gold? It sank in a boating accident
mine got robbed by a handsome man
They wont know if we buy & sell to private individuals.
Just dont report it.
@@turdburgler8634 exactly, in cash. They rely on fear to get away with their criminal activity.
Exactly or use it to maybe perches tangible assets like say a car or other products.
As long as the person your selling it to doesn’t dob you in.
@@turdburgler8634 yes, there would be no proof if it's a cash sale. They rely on fear to get people to self report.
@@turdburgler8634 exactly. A cash sale would be ideal = no proof.
Sovereigns and Britannias - Gold only. I hate paying tax!
Good choice!
For now
Man, that's brutal.
We don't even pay sales tax on Gold & Silver in my state here in the US.
Whatever the pro’s and con’s of the US taxation system the key standout is that it is applied universally and the rich and poor are subject to the same rules. In the UK their is a weird system of tax deductible allowances that allows company owners to reclaim their tax on certain expenditures and this is easily worked for individual benefits. You can’t get rich on a regular well paid job but you can if you work, and moreover cheat the tax exempt benefits. In the UK the poor are in reality subsidising the rich. This is why there is no economic growth and house prices have gone beyond the means of normal working families.
@@davidp4456 Our gov plans to tax us out of EVERYTHING even that which we do not even Have yet
Same here !
@@davidp4456 A very clear picture of how a trip backwards in time to the feudal system is mandated, and boring as hell.
@@danhelwig 👍 Feudalism. That’s exactly what it is. I describe it in those terms as well.
The whole concept of taxing you on selling gold and silver always seemed insane to me. Coins are in fact just a given amount of metal which we trade for goods or services. 1 pound is called that because it was originally one pound in weight of silver. What most people call money now are in fact just promissory notes from the bank of England for them to give you the equivalent in metal coins if you present that note too them. What the government are basically saying is that if you exchange actual gold for some promissory notes for the bank of England to give you the same amount of gold you will be taxed on it. Its insane.
That argument would be solid if we were still on the gold standard but we’re not.
@@ARegularBloke But we are, its just that now the equivalent amount of gold or silver is too small for a pound after all the inflation so they use different metals. A pound coin is worth a pound because of the material it is made from, it just isnt silver any more.
Great Video and Thank You for the Tax Advice
don't worry, here in Europe we're taxed 21% on it and when you sell it even in an auction, people bid the silver price + spot + tax as that's the sales price in a bullion store. And in a auction, you always make 10% above bullion store prices as there's no record of that gold and silver while buying in a bullion store is registered.
Silver price and spot are the same thing I think you may have met premiums
The uk government is off the rails
Very interesting topic as im new to coins an want to start putting some away for a rainy day
When tax apply on bullion ? After making a profit or before
@16:00
Ramble On
Led Zeppelin
Confession: I was listening, whilst rotating my home brew bottles.
definitely not
Any way to avoid the vat when buying silver bars
Buy them on the silver forum second hand. They sell for about £775 at the moment
Do you think they would cancel CGT exemption on coins like sovereigns?
No, I don't think so. They would be taxing actual cash.
@@BackyardBullion Well they are already taxing on silver cash
How will they know if you are selling
Your bank could very well report large transactions coming into your account to HMRC
Especially if you get paid in a check. No way to hide that.
@@Nu-Miss-Matic they won't if you deal in cash.
@Rdott82 Yes, that's why pere to pere groups are so important
@@brian56 the cheque could have been for anything
sounds like this video is coming from the UK. in the USA we deal in cash when we buy/sell the metals. government off the radar.
Your dollar is lent on gold stocks
9:34: Please be careful, the "Swiss Miss" (Vreneli) coins bear the denomination of CHF 20. Unlike the French Franc, the Swiss Franc is still a legal tender in Switzerland. That said, if you're selling the French Roosters, also denominated in 20 Francs, those are for a defunct currency.
By that logic, could an old Philharmonic denominated in Austrian Schillings be also tax-exempt?
Yes, Philharmonics are defined as Chattels. You are right about the swiss frank coins though
I have bought things from individuals with silver. With no taxes involved. Just like buying or selling with cash.
In the US, sale of American Gold Eagles, Gold Buffaloes and American Silver Eagles generate no tax paperwork, no matter the quantity sold. It is up to the seller to report the sale and the amount subject to capital gains.
So, there's that.
We buy with money already taxed. That would be double dipping.
@@ChadBoss-qr4hl It's still double dipping.
Scenario
Buy sovereigns when spot is low and sell to a dealer when spot is high over the year. Then put the profits into your private pension, making sure you don't go over your tax allowance. Do you think you would charged VAT and national insurance?
The threshold this year is £3k!
Im just looking at how to buy and sell gold and silver. Just out of interest. I found this video very informative. I followed it up just now with a video of Godfrey Bloom from 7 days ago called - Are you ready for what is coming? Im not far into watching it yet but have popped back here to say something. Bloom says (if im understanding) That you should buy gold coins since they do not have VAT and capital gains. I thought you were saying they had to be out of date coins to be in that category???
Gold has no VAT, that is correct. Only Royal Mint coins are exempt from Capital Gains.
@@BackyardBullion Thank You X
@@BackyardBullion Thank You X
Lemonade stands are great for this type of thing.
Thankfully in Canada, we dont pay tax buying, selling, or any capital gains on the metals. We do however pay tax on metal lower than 999 in purity. Junk silver and gold for instance. Depends where you buy it too
"The Canada Revenue Agency (CRA) treats bullion as a capital asset, and any profit made from its sale is generally subject to capital gains tax."
@geletrode never paid any gains tax ever. Sell to a coin store. Also, how could they possibly know you gained anything? There is no record of purchase at the coin stores when you buy in person. You pay cash, you don't give id. If you sell to a big online dealer, you may be recorded but who is doing that? I've bought, sold hundreds of ounces of gold and silver, not once did I have to pay any gains. I've only ever sold when It was to gain.
Before 1 January 2000, gold sales in the UK were subject to VAT. This changed because of the disparity between rules in the European Union…so they could reverse this ?
Of course they could
Are pre 1947 silver coins exempt? They are defunct coinage, but part of the same pound currency we use today.
Yes, they are CGT exempt
is non circulating silver exempt, such as shillings and silver pre decimal coinage?
I only buy legal tender
45404 shout out to the ramblers... These last 2 vids could be the most important out there right now for uk stackers... Saw this coming for ages and have been moving out non UK legal tender stuff for a while... Would be worth putting these vids in a playlist.. Thanks for sharing your thoughts BYB 👍👍👍👍
Thanks for watching to the end ! Thanks for the feedback on the video too!
Fun fact: " Libertads are devoid of face value, yet are legal tender, still accepted as currency and guaranteed by Banco de México based on the market value of its gold or silver content."
I’ve always thought double sovereigns offer the best of both worlds in terms of value and the flexibility of fractional gold but these aren’t mentioned at all in many videos. Are the doubles difficult to sell on? Do collectors shun them in favour of regular sovereigns for whatever reason?
Since when you need to pay tax on selling currency? Like 200 AUD?
I been paying 30% emergency tax for some tome for some reason i sorted it outbefore but im paying it again, them when i go to buy silver i pay 20% on that aswell so im at 50% gone before i even start sonif theres capital gain tax then whats the point? Anyone know what the percentage is on capital gains tax
If all else fails it's not illegal to take your gold abroad. There is an active market in Amsterdam.
If you swap non cgt coins exempt for CGT exempt coins with a dealer do you have to pay CGT as you're not selling them per se?
Yes, you have to account for CGT. It's a disposal. Also in his situation you will have an invoice for sale and an invoice for purchase.
@@BackyardBullion ah thanks 👍
Arizona and Nevada (maybe others) have no taxes on precious metals.
In Land-locked Leicestershire I lost all my PMs in a Sea boating accident.
My drug dealer accepted my few coins - so I converted them to snortable products 😲
Admirable display there BB.
Gold and Silver offshore in a confidential allocated position, good luck Liebour party in finding this as there are no financial industry reporting requirements for these businesses
I already pay tax on silver if it’s under$1,000.00 if over $1,000.00 No sales tax , I’ll be damed if I’m paying tax again on my silver; they can pound sand . 😊
What if you dont know what you paid for it and when? What if you got them through barter, is it classed as 100% capital gains. I think the small amount i will use as barter.
Exactly. Bars attract CGT so exchange them for britannias and sovereigns.
No, you missed the whole point of this video. As long as they are £6000 or less they are CHATELLS which means they are EXEMPT from CGT.
@@BackyardBullionSo do most people not need to worry then? An ounce is less than £2k rn and most individuals don’t buy bigger bars.
It’s £3000 CGT now and soon will be zero. It was £12300 a couple years ago
So, if I have silver bullion coins other than britannias, and I sell them less £3000 in financial year in total, it is still exempt from CGT? Is this correct?
If you make £3000 profit or less on NON captial gains exempt items then you are fine, no reporting needed.
@@BackyardBullion so, when I sell 3 oz maple silver coin right now, is it subject to cgt already? Bec it is non cgt exempt? 😧
Glad I went 90% CGT exempt coins I suppose.
They tax if we gain but they don’t give tax back if we lose. So far only CGT exempt coins for me.
Exactly, really corrupt system .
It certainly does suck!
I thought you can claim tax loss?
But I agree.. what I don’t get is paying VAT on gold/silver and immediately losing 20% then paying cap gains tax on any profits
You can't claim a loss on chattels or CGT exempt items. But yes, you can claim a loss on other losses
Plus No tax on 1 oz gold in Massachusetts
Do Eagles, Philharmonics and Maples sell for the same amount on the Buyer's Club, or do some fetch more than others ? Also, is it still £1 / Oz selling fee ? I'm talking about silver, obviously.
Big batches (100 oz plus) £1 per oz, otherwise my price is £1.25 per oz. Maples, philharmonics and Eagles all go for around the same, £26 per oz is what I would ask for on those. Interestingly the philharmonics are not legal tender any more, so they are CGT exempt as a chattel!!
If i bought 5 ounces of gold this year and I want sell 1 of them soon this year, should I pay taxes on that ounce of gold?
No, you will be fine
According to the English Bill Of Rights, Levying money, such as Income Tax and VAT is illegal.
I don't keep track of when and how much I paid for any of my stack. I feel it doesn't really matter. When I need to sell it I'll sell it for whatever I can get. doesn't matter what I paid for it. I might have bought it yesterday and I'm losing money selling it tomorrow. As opposed to buying it 20 years ago and making two and a half times my money on it. In my opinion it's all the same.
This is stupid.
7 times what you paid for it or you got ripped off man.
@@BackyardBullion Not necessarily. Where you prefer to have your 'wealth'? PMs in your hand or electrical digits on a bank's computer screen? I don't trust the banking system, so I withdraw all of my spare 'money' every month and buy a UK coin of the realm. Whether is goes up or down in value is irrelevant to me.
Be careful, collections of like items are classed as a single thing with the £6000 limit. Even if each item is valued at less than £6000
Watched to c how much tax was so if u can add next time would be good
They’re taxing gold ?
How much will the 100g bars be?
£118 each plus post
There you go mate: PO 45404. Great video. I just purchased 1kg (31coins) of 2nd hand Eagles vat free from Atkinsons for £942 and was wondering if I'll have to worry about CGT. All my 1oz gold coins are Britannias so they're fine. Vat free & CGT free. Happy days! Cheers m8.
OOF, well - you could have bought 31 oz for around £25/oz on The Silver Forum - go check it out. Silver from any dealer is going to be expensive. You will do well to make any gains on them at all if I am being brutally honest.
@@BackyardBullion Yeah, but buying from a dealer guarantees safety. I don't trust forums especially when they sell cheap. I pay more for a piece of mind.
Well, more fool you then I am afraid. You are throwing away money. I have sold over £1.5 million of other peoples gold and silver in the last 2 years without issue and all at dirt cheap prices. You are literally burning money
Not sure about UK, but here I the states I get taxed locally, so I just send metals to my sister in a tax free state. Then I'll buy her whatever amount in silver that I would have paid in taxes. That means I can still get my metals And the family comes up a little bit as well. F taxation
We are really lucky to have no tax/none on our bullion. Just sales tax on our spetially pieces that come from our mints.
I would argue that depreciation of the currency could be acceptable expenses against any fiat profits!
I try to only buy CGT exempt gold/silver (less for your lovely made bars)..
Well, technically all my hand poured silver can be defined as a chattel and therefore exempt from capital gains tax as long as each piece is sold under £6000
@@BackyardBullion if your 1 Oz bars ever reach £6k the world is screwed, haha.
Ha! Yeah
@@stuartmcmahon8870I won't be screwed, I'll be buying a yacht and sailing into the sunset.
One way to never pay tax is to get a line of credit against the value of the asset class and buy more assets with it
Peru uses the Nuevo Soles, so probably defunct
Here’s a wee thought what if some nice person gives you a gift therefore cost 0 and you then sell that gift 15 years latter for X pounds if there was no starting cost then it is not practical to calculate a profit and therefore pay any tax. Just a thought.
You would have to calculate the "market value" at the date of the gift. I have to do this all the time for when I get gifted sponsored items and then put them into my bookeeping for my business.
@@BackyardBullion agreed but say this item was bought in a foreign airport in the desert and from a shop you didn’t know and we’re not aware of the price of the gift or the market value or the country , yes I know Symantec ‘s but this could have happened to a friend who hasn’t a clue. So how can I be expected to do this. Ah if only I had a problem like that lol
There is actually guidance on this with HMRC. You would have to demonstrate that you have done some kind of research and made an effort to find a market value at the time of gifting, not the time of purchase but when you received it. For precious metals thats easy, just spot price on the day you got it.
Oh ,, I give it away to strangers,, I don't keep it..🤔
Oh I live in Massachusetts
I am so sorry. My condolences.
Can you melt down gold coins that are still legal tender and forge them into artifacts that could then become chattels? I’m a blacksmith experimental archaeologist and like to make gold replicas from the Iron Age. Or how would I stand if buying gold to melt into Ingots to then forge into replicas from the Bronze Age and iron ages as experimental archaeology projects. And if I resold these objects how would I navigate taxes?
You can't melt legal tender coins from the UK in the UK. But you can take them abroad and do it just fine!
@@BackyardBullion Thanks for your reply. For my projects in replica gold artifacts from The Bronze and Iron Ages, do you recommend that I purchase ingots of gold to re forge or from old gold jewellery to melt down into ingots etc? If so where is the best reliable supplier of pure top quality gold in Britain? Is welsh good still available? There is Cookson gold in London that sell gold to gold and silver smiths.
I’m very cautious about where and who is the trusted supplier to obtain quality gold. I will be reworking the gold into Celtic treasures and masterpieces that I will be studying objects like the gold torcs found in Norfolk within the British museum London and i’d like to be able to use the best gold I can get . So I’m thinking starting with gold ingots. Any help and advice would be gladly received.
Atkinson's bullion would be the best place to go for gold to melt with. Buy gold bars and you're good to go!
@@BackyardBullion thank you for your advice.
Watch out…come October, CGT on RM coins might get taken out…..everyone’s waiting on that budget announcement.
No, they won't change that element. They will probably reduce the tax free allowance and increase the tax rates
It might be wise to sell some before that announcement and rebuy if CGT exempt still apples after Oct ?
They can't take away CGT on UK coins, that's too much precedent to unwind
@@BackyardBullion Indeed it would !
This is why we need to use cash no record
Private sales/exchange
These can be tracked and your money reported by your bank to the tax authority
@@BackyardBullionhow can it be tracked if done in cash?
@@BackyardBullionwhy would you report to pay tax dummy! Ever hear of a “mattress”account?
@@jayflaggsguys a fool to report lol
@@SuperGiantGeckosLLC don't make any sense. Probably just saving face. No one's doing that lol
I lost all my Pms in a terrible shipwreck crossing the creek in my backyard
WE WONT HAVE ANYONE TO PAY THE WHOLE SYSTEM WILL IMPLODE SOON
Sure thing, why are you shouting? 😂
@@BackyardBullion not shouting
ALL CAPS IS SHOUTING ON THE INTERNET!!!! 😭
@@BackyardBullion don't be a karen. Sometimes it just happens
Im not being a Karen - perhaps check if your caps lock is on next time?
I thought the Swiss still use the Franc 😱.
Thanks
Yes, you are right here. But, the austrian philharmonica coins, they are chattels!
Tea in the harbor, gold in the safe, god bless America :)
just melt them and sell to a jeweler. Or better keep it a pawn it...
labourites did this in the early 70s. It was called exchange control order, and a number, cannot remember now I think 438. This was done on gold. The conservatives removed as soon as they got in. And you was only allowed to have one gold coin. If you were a collector, you had to apply to the bank of England, fill forms out, and they made a decision.
prefer to buy an sell gold here in Thailand.. cash over he couther and no questions..and spotprice is often in realtime
Sell it amounts under 10 grand 9,999.00 . Cash
What gold? What silver? lol
Remember you’re only allowed to make £1000 a year selling things in your personal allowance….more taxes! 💩 💩
Your get taxed when you have a shyte next 😂😂
Been saying this for years with CGT for many years and i always got people daying im nvwr foung ro sell enough.... At this rate we will have no CGT allowance . As for silver and vat, every penny in tax tou pay is 1 less penny in your pocket , you are literally throwing money in the bin .
look at what coins have them ! that what give you for them ,
Why did you make a video if you don’t know about taxes?
If they don’t know you have it, they can’t tax it. Make tar and feathering great again.
Alternatively, you have not made any money on that investment, the previous metal is no lighter in weight or smaller in mass .
It’s the UK pound that has lost it’s value.
Shouldn’t the government and Bank of England be paying you ?
I recommend everyone to look into the law and jurisdiction of the laws .
The United Kingdom is not a physical country, it’s a LTD company registered at companies house.
I’ll make it quite clear you as a person are not the block capitals name on any tax bill / legal document.
That is a trust set up via your birth certificate for which commerce can be done through the banking system and courts.
And document in block capitals is not you .
It’s as fraudulent and deceptive as the FIAT banking system.
Ah yes one more thing all laws ( Land Air Water) contain legalese.
A deceptive language purposely used to give any judge the upper hand .
Solicitors are not representing you and your best interests nor are barristers as they have signed an oath to the Bar Association .
Mortgage = death pledge
Must = may
Signature = sign of nature
Council = cartel
Check out the legal meaning of ‘ person’ .
And another thing lovely peeps , the police are a corporate entity and one of the shareholders in that corporation is a legal / bailiff organisation ( as far as I’m aware) .
So a conflict of interest!!!!
The justice system is a corporate entity too , ie for profit making organisation.
So everything in life seems to evolve around keeping the books in proper order be it laws , freedom or financial instruments , Governments overreach.
Artificial Intelligence will be keeping an eye on everyone, however an accounting system is only as knowledgeable as the data input by you if anything isn’t registered then there is no record of it .
Let’s hope the system is better than the post office accounting software 😂
Good luck with that rabbit hole and deep dive . 😇🇬🇧
So silver bars count as Chattle in the UK? Why not coins too? They can be moved like a bar. These laws make no sense. They're just willy nilly nonsense. How else would I prove something as a personal possession, other than saying I'm a person who possesses this object.
Coins that are classed as legal tender are specifically mentioned in the legislation making them NOT chattel
@@BackyardBullion
So I'm better off buying bars with no fiat currency attached to them, or else buy legal tender coins that are CGT free. This is good for silver kilo bars.
@@BackyardBullion£6000 or under is pretty decent too if you just want to make a decent amont of money without being legally stolen from. I'm guessing that's £6000 in one year period.
Remember, I am not a financial advisor. Go and research this yourself, very important. but yes, thats how I interpret the rules as they stand.
@@BackyardBullion I'm glad you're not. I wouldn't trust a financial advisor to tell me what to do with my wealth.
It’s just not worth the risk the tax man will surely get on to the chattels just look at how much cgt allowance has been reduced over the years stick to brits and sovs 4504
Who needs the tax man?
Not me.
Sure, sounds good. Enjoy the fines, sanctions and criminal record if you don't pay them.
I'd just travel to another country somewhere like Turkey, sell it and get cash in hand probably USD.
Capital gain tax is funny. And if you are getting capital loss will you get compensation from gov?
Not directly, but you can claim a loss to offset any other taxes you pay.
Coins of the Realm. There is a clause in the 'Coinage Act' that makes ALL coins the 'property' of the Sovereign and can be recalled. Therefore being all in on coins may not be the best of things at the moment. Parallel Mike did a video on this some time ago. th-cam.com/video/KLUy08kMhCQ/w-d-xo.html
Take the tinfoil hat off. Never had happened in history, never will
Simple solution. buy only UK Gold or sovereigns or Britannias Both are free of all taxes.,.
Basically, then, taxation sucks! 😂
Gold is capital gains tax free, surely?
No. Only royal mint coins are CGT exempt. Gold bars or gold coins from other countries are chargeable assets.
You absolutely never pay taxes.
Then you go to prison for tax evasion!! Nice one! 😁
@BackyardBullion lol I certainly don't.
Only idiots pay taxes.
@BackyardBullion lol no I don't. No I won't. Only idiots pay taxes.
@@garyrobinson3735I hope you’re not fussy when it comes to eating because I hear prison food isn’t exactly M&S.
Only idiots pay taxes.