bitbigt Posted December 17, 2008 Report Share Posted December 17, 2008 Yes that is the case. I think you are allowed £9200 profit per year, then you pay 20% on anything over that. unless you are non-domiciled - then you loose this 9.2k allowance! ...and the CGT rate is now 18% regardless of your income tax bracket. Consider gifting half your gold to your spouse (this can be done free of any tax consequences) and then you get 2 lots of 9.2k personal allowances Link to comment Share on other sites More sharing options...
dietcolaaddict Posted December 17, 2008 Report Share Posted December 17, 2008 Yahoo have updated their cumbersome currency converter with something more user-friendly. Moreover, it now works with gold as a currency (the penny is dropping...). http://finance.yahoo.com/currency-converte...;submit=Convert Today's gold price is looking good in GDP!!!! Link to comment Share on other sites More sharing options...
FWIW Posted December 17, 2008 Report Share Posted December 17, 2008 Just class it as a barbarous relic... Link to comment Share on other sites More sharing options...
Pixel8r Posted December 17, 2008 Report Share Posted December 17, 2008 unless you are non-domiciled - then you loose this 9.2k allowance! ...and the CGT rate is now 18% regardless of your income tax bracket. Consider gifting half your gold to your spouse (this can be done free of any tax consequences) and then you get 2 lots of 9.2k personal allowances Thats what I have done, have created a joint GM account. I was mistaken about the 20%, 18% is correct. Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 17, 2008 Author Report Share Posted December 17, 2008 CRIMEX striking back now. Link to comment Share on other sites More sharing options...
headmelter Posted December 17, 2008 Report Share Posted December 17, 2008 unless you are non-domiciled - then you loose this 9.2k allowance! ...and the CGT rate is now 18% regardless of your income tax bracket. Consider gifting half your gold to your spouse (this can be done free of any tax consequences) and then you get 2 lots of 9.2k personal allowances Can I give some to the kids? Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 17, 2008 Author Report Share Posted December 17, 2008 CRIMEX striking back now. ... but the goldbugs keep on buying. Link to comment Share on other sites More sharing options...
bitbigt Posted December 17, 2008 Report Share Posted December 17, 2008 Can I give some to the kids? I am 100% certain about rules on gifting to spouses, but only 99% certain with rules regarding kids. That said... My understanding is the the CGT exemption at time of gifting only applies between married couples - but the spouse that receives the gold will have to declare the original purchase price (that the partner paid) when eventually selling and working out CGT. When gifting to any other family member (including kids), I believe the rules state that even if its a gift (i.e., no payment chages hands) then the gifter still has to declare the action as a diposal for CGT purposes, getting hit with the same CGT as you would had you sold on the open market. Kids then declare that same price as buying price when they eventually sell. Link to comment Share on other sites More sharing options...
ziknik Posted December 17, 2008 Report Share Posted December 17, 2008 ... http://finance.yahoo.com/currency-converte...;submit=Convert Today's gold price is looking good in GDP!!!! The GBP price on Yahoo must be a futures price. It is not spot. It's too high to be the current spot price http://www.goldprice.org/gold-price.html Link to comment Share on other sites More sharing options...
Justin Thyme Posted December 17, 2008 Report Share Posted December 17, 2008 I'm surprised the CRIMEX are able to have the significant effect they're having today given the Fed's stark admission that they're effectively going to throw everything at the reflation effort. Shouldn't this have been the news the gold market's been waiting for ? Link to comment Share on other sites More sharing options...
bitbigt Posted December 17, 2008 Report Share Posted December 17, 2008 I'm surprised the CRIMEX are able to have the significant effect they're having today given the Fed's stark admission that they're effectively going to throw everything at the reflation effort. Shouldn't this have been the news the gold market's been waiting for ? My view is that the PPT have so much ammunition and power, compared to the size of the gold paper market, that they can do anything they like with the price of gold. Fortunately for us, they want gold to be much higher than it is now, as that is an integral part the currency devaluation they need to engineer to bail their nations (governments, businesses, and people) out from the big debt holes they've all fallen into. So we can be sure that gold's price will rise, regardless of money supply, money velocity, credit crunch, or any other consideration. What they do not want, however, is for gold to rise too quickly - as that would send panick into the broader economy and markets. Hence, the vertical spike that was developing in afternoon trade in the UK, had to be nipped in the bud. Link to comment Share on other sites More sharing options...
Pixel8r Posted December 17, 2008 Report Share Posted December 17, 2008 My view is that the PPT have so much ammunition and power, compared to the size of the gold paper market, that they can do anything they like with the price of gold. Fortunately for us, they want gold to be much higher than it is now, as that is an integral part the currency devaluation they need to engineer to bail their nations (governments, businesses, and people) out from the big debt holes they've all fallen into. So we can be sure that gold's price will rise, regardless of money supply, money velocity, credit crunch, or any other consideration. What they do not want, however, is for gold to rise too quickly - as that would send panick into the broader economy and markets. Hence, the vertical spike that was developing in afternoon trade in the UK, had to be nipped in the bud. I think you are spot on with this analysis. Thanks for posting Link to comment Share on other sites More sharing options...
warpig Posted December 17, 2008 Report Share Posted December 17, 2008 I wish I had bought more yesterday... Only managed 20 oz... I am on a buying spree! Link to comment Share on other sites More sharing options...
marceau Posted December 17, 2008 Report Share Posted December 17, 2008 I wish I had bought more yesterday... Only managed 20 oz... I am on a buying spree! You're buying 20 ounces a day? Leave some for the rest of us. Link to comment Share on other sites More sharing options...
alexreeve Posted December 17, 2008 Report Share Posted December 17, 2008 Cheers for that. News flash! OPEC has just cut by 4.2 million barrels a day!!!! Wow... talk about overkill.. I think the market was expecting a "massive" 2 million cut. USDX drops, OPEC slashes production, and yet the price of oil is still falling. Reminds me of Gold this summer. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted December 17, 2008 Report Share Posted December 17, 2008 I wish I had bought more yesterday... Only managed 20 oz... I am on a buying spree! The only 20oz's I could afford right now would be chocolate. edited - even spelt it incorrectly. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted December 17, 2008 Report Share Posted December 17, 2008 My view is that the PPT have so much ammunition and power, compared to the size of the gold paper market, that they can do anything they like with the price of gold. Fortunately for us, they want gold to be much higher than it is now, as that is an integral part the currency devaluation they need to engineer to bail their nations (governments, businesses, and people) out from the big debt holes they've all fallen into. So we can be sure that gold's price will rise, regardless of money supply, money velocity, credit crunch, or any other consideration. What they do not want, however, is for gold to rise too quickly - as that would send panick into the broader economy and markets. Hence, the vertical spike that was developing in afternoon trade in the UK, had to be nipped in the bud. spot-on imo. It's like any of the bubbles, they start off slowly using the media to ingrain the populas BUT I don't think they will go quite the same route with gold (& neither do you I would imagine). I am assuming that they will use gold as the rescue package, reinstating the gold standard will appear to be the way out of the currency crash, BUT without making it appear a good investment to the general public. They will all be too skint to buy anything anyways after this one plays out. or will they just go for a completely new currency.......? or something entirely different ? we may not get ALL the outcomes right. but we know that when trust completely goes from the system (which it has imo), gold retains & gains in value. ??? Link to comment Share on other sites More sharing options...
Gatesy Posted December 17, 2008 Report Share Posted December 17, 2008 That's not too bad. If we have many more days like we've had this week though the HMRC will be doing pretty well out of Gold too! Ahh.. hem, if keeping shtum is not your bag the you could sell as you approach the CGT limited, and buy back 30(?) days later, spreadbetting in between to hedge your lack of holding. Link to comment Share on other sites More sharing options...
Ret45 Posted December 17, 2008 Report Share Posted December 17, 2008 pog in euro is actually not doing much at moment thanks to the steep $ devaluation. I have hedged by spreadbetting on EUR rise against USD and that is doing much better then my gold right now. Link to comment Share on other sites More sharing options...
G0ldfinger Posted December 17, 2008 Author Report Share Posted December 17, 2008 Ya see what I said Warpig, I said get in IMMEDIATELY didn't I, as something may come out of left field??? LOL! I am waiting for 2 bloody cheques to clear and have missed this move too - extremely frustrating!!! I've never sold a single ounce, so I didn't lose out on anything and I can be relaxed on the way up, as well as down. Link to comment Share on other sites More sharing options...
gwizzie Posted December 17, 2008 Report Share Posted December 17, 2008 Two very tradable scenarios i'm looking at the moment, lets see how they play out On the other hand, a bearish h & s. Although there is a severe lack of an uptrend to reverse, If we have a look at GLD it doesnt dismiss it. I'll be looking for lighter volume (between 70 & 71) on the right shoulder as a warning. Link to comment Share on other sites More sharing options...
warpig Posted December 17, 2008 Report Share Posted December 17, 2008 You're buying 20 ounces a day? Leave some for the rest of us. Link to comment Share on other sites More sharing options...
warpig Posted December 17, 2008 Report Share Posted December 17, 2008 I know... If I could have found enough Britannias I would have splashed the lot, everyone is now waiting for the 2009 Britannias, expected mid Jan. Ya see what I said Warpig, I said get in IMMEDIATELY didn't I, as something may come out of left field??? LOL! I am waiting for 2 bloody cheques to clear and have missed this move too - extremely frustrating!!! Link to comment Share on other sites More sharing options...
Compounded Posted December 17, 2008 Report Share Posted December 17, 2008 CGT in the UK is 18%, I think. GCT, you get £9,200 tax free and the excess is treated as income if a top rate payer you pay 40%, if not 20%. Link to comment Share on other sites More sharing options...
Pixel8r Posted December 17, 2008 Report Share Posted December 17, 2008 GCT, you get £9,200 tax free and the excess is treated as income if a top rate payer you pay 40%, if not 20%. No they did away with the different CGT rates. It is now a flat 18% for everyone. Link to comment Share on other sites More sharing options...
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