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

SpacePete

SpacePete

Well-Known Member
Silver Stacker
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:

The tax office is considering making changes to the GST treatment of gold to try to stamp out the practice, following similar changes made in Britain to stop similar fraudulent practices there.
Click to expand...

I assume that the ATO would include silver in the taxation changes if they are going to follow the UK tax law.
 
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.
 
In the UK Capital Gains Tax is exempt on all British legal currency. This includes gold Britannia coins , silver Britannia coins and gold Sovereigns
 
SpacePete said:
Does anyone here know how bullion is treated in the UK for taxation

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

The tax office is considering making changes to the GST treatment of gold to try to stamp out the practice, following similar changes made in Britain to stop similar fraudulent practices there.
Click to expand...
Click to expand...

In the UK there is no VAT (GST) on gold coins lower than 999 like gold sovereign krugerrand and similar coins like here.
 
Looks like this is the change:
This week, refiners across the country received a letter from Deputy Commissioner Tim Dyce offering a new "reverse charge" option that allows buyers of gold to remit GST to the government on behalf of the sellers, in an -attempt to stamp out the practice.

The new regulation comes into effect next week, but sources say it won't be enough to stamp it out, with second-hand dealers still free to rort the system.
Click to expand...
 
You must log in or register to reply here.
Back
Top