David Hill

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?

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