ATO considering changes to GST treatment of gold (and maybe silver)

Discussion in 'General Precious Metals Discussion' started by SpacePete, Dec 27, 2016.

  1. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Does anyone here know how bullion is treated in the UK for taxation purposes? Looks like the ATO is considering similar changes to those made in Britain.

    From a recent article quoted in Bullion Baron's thread:

    I assume that the ATO would include silver in the taxation changes if they are going to follow the UK tax law.
     
    SpacePete, Dec 27, 2016
    #1
  2. Beyond

    Beyond Well-Known Member

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    i wish gst become 50% haha

    more high is better for me
     
    Beyond, Dec 27, 2016
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  3. BigSteve

    BigSteve New Member Silver Stacker

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    Location:
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    VAT is 20% in UK.

    Applies to silver bullion in whatever investment form (coins / bars)

    Does NOT apply to gold bullion.

    Also applies to other PMs such as platinum.
     
    BigSteve, Dec 27, 2016
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  4. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    SpacePete, Dec 27, 2016
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  5. betterlatethannever

    betterlatethannever New Member

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    Maybe another good reason to buy Gold - but is there ever a bad one ;)

    Happy New Year :)
     
    betterlatethannever, Dec 27, 2016
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  6. projack

    projack Well-Known Member Silver Stacker

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    In the UK Capital Gains Tax is exempt on all British legal currency. This includes gold Britannia coins , silver Britannia coins and gold Sovereigns
     
    projack, Dec 27, 2016
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  7. projack

    projack Well-Known Member Silver Stacker

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    In the UK there is no VAT (GST) on gold coins lower than 999 like gold sovereign krugerrand and similar coins like here.
     
    projack, Dec 27, 2016
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  8. JulieW

    JulieW Well-Known Member Silver Stacker

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    As a FFS aside - VAT/GST on gold coins!!!
     
    JulieW, Dec 27, 2016
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  9. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Looks like this is the change:
     
    SpacePete, Dec 27, 2016
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