What to pay when you’re selling gold ? Taxes such as capital gains tax may apply depending on where the investor lives, where the sale takes place and where the gold is stored.
|USA||Internal Revenue Service (IRS) considers gold to be a “collectible” and will tax your capital gains at a 28% rate. The difference between the amount realized on the sale and the taxpayer’s basis is either a capital gain or a loss. More info there|
|CANADA||The CRA allows investors to choose how you want your gains and losses on the sale of gold, to be treated for tax purposes: on an “income” or “capital” account. More info there|
|UK||In UK, Capital Gains Tax is only payable if an investor realises over £10,100 of profit in one financial year. However, this single transaction would constitute the investors full tax free allowance for the year and any other profit made would be taxable at a rate between 18-28%. More info there|
|IRELAND||Physical Gold is an asset for capital gains tax. Gold is subject to a CGT of 25 %. More info there|
|SWITZERLAND||Gold is considered part of the taxable capital. You must declare your precious metals in the ISF declaration.|
|FRANCE||Precious metals are considered in the ISF declaration.
The 34,5% gains tax is deducted of 10% per year from the third year of ownership.
Gold has unique specifications that make it attractive as an investment in these crisis times, that’s why we wouldn’t advise making your investment decisions based solely on tax considerations.