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Posted Thu, 03 Aug 2023 11:51:36 GMT by
I am an italian native with settled status. I am not resident in the UK since Covid 19 (2020), but I am planning to come back as soon as I can. My parents have some gold sovereigns and they would like to gift them to me to help me moving back to the UK. I was planning to come to the UK sometimes to sell a part of them and leave the money on my UK bank account until I will move back (I would like to buy a house in UK or at least being able to have the upfront money for the mortgage). I would like to know if I am allowed to sell gold sovereigns in the UK even if I am currently resident abroad. Moreover, I would like to know if I have to communicate anything to HMRC about the transaction. I know that gold sovereigns are CGT free, is that true?
Posted Tue, 08 Aug 2023 13:00:58 GMT by HMRC Admin 17 Response

Hi,
 
Gold sovereigns produced after 1837 are EXEMPT from Capital Gains Tax (CGT) with HMRC.

This is because all UK sovereigns minted since this date are classified as currency – meaning they’re not chargeable assets and
will NOT be subject to CGT.    

You therefore do not need to report this  .

Thank you .

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