Gold inheritance rate of CGT on sale

I am a basic rate tax payer proposing to sel a significant quantity of gold bullion circa £160,000 on behalf of my girlfriend who currently does not have UK domicile for tax [being recently arrived from Ghana]. Question 1: How can any Capital Gain be determined when the gold has no known purchase cost? Or is it simply taken as Zero acquisition cost and a gain/profit for the full sale price [which seems rather unfair} Question 2: If I funnel the sale proceeeds through my own bank account because she does not yet have a UK bank account will I become the liable party to pay the CGT? As a basic rate tax payer what is the rate of CGT that I should withhold for HMRc As a non domiciled [non resident] person what iif any is the rate of CGT? Thank you for any clarity on these matters David Hill

Hi David,
Gold bullion will be liable to Capital Gains.
A value will have been given for when the gold bars were acquired - a search engine would be able to confirm this. as it is going through your bank account and in your name then you would be seen as the owner and liable for the gains.
You would need to have a declaration of trust to say that you are not the beneficial owner so that the gain is charged on your girlfriend. Due to the level you state you are selling, you will be liable to both basic rate and higher rate tax of 10% and 20% on any profit.
Thank you.

Follow on question; If the gold derives from an inheritance would a Deed of Transfer [eg upon distribution of assets ]to the beneficiaries issued by the High Court of Ghana be resonable proof for an aquisition date in terms of valuing the gold?

Hi ,
 

The guidance at CG31140 states the acquistion date is deemed to have been acquired at the date of death and the acquistion value is the marked value at the date of death .  See : Capital Gains Manual  . Thank you .