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Autumn Budget 2024 - Capital Gains Tax

Confirmed CGT changes: Following the Budget last week, it is now confirmed that the following changes have been made to Capital Gains Tax:

Lower-rate tax payers will see CGT rise from 10% to 18%
Higher-rate tax payers will see CGT rise from 20% to 24%
This change has taken effect as of October 30th

On Wednesday, October 30th 2024, the government will set out their fiscal policies in the Autumn Budget. Chancellor Rachel Reeves will announce the government's plans for taxation and spending as the country faces a significant deficit of £49 billion and a struggling economy.

For investors in gold and silver, changes to Capital Gains Tax are likely to be one of the most significant announcements in the budget.

The tone and reception to the budget will also likely have an impact on the value of the pound, and as a result, on the gold price in GBP.

For many investors, there is now a significant focus on Capital Gains Tax in the few remaining days before the 2024 Budget, and whether to rebalance their portfolio in favour of CGT-free assets. If you're unsure how CGT could impact you, try our Capital Gains Tax Calculator for further information.

With a short time remaining before the budget autumn announcement, we have seen many savvy investors rebalancing their portfolios and moving assets into CGT free investments. Demand for CGT-free gold and silver is currently very high and expected to increase as the October 30th budget date come closer.

CGT-Free Gold Coins

In Stock

from £158.60

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CGT-Free Silver Coins

In Stock

from £5.28

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Worried about the suggestion Capital Gains Tax could rise to 39% in the upcoming Budget and its potential impact on your portfolio?

BullionByPost is here to help. We are offering investors with over £10,000 worth of gold bars or non-CGT exempt coins (Krugerrands, Maples etc) the opportunity to sell at an enhanced rate of 98% and buy CGT exempt 1oz gold coins with an additional £10 discount per coin.

Sell your non-CGT free gold at an enhanced rate of 98% of the live spot price.
Buy 1oz CGT exempt gold coins, with an additional £10 saving per coin off our live website price.

Call us now on 0121 634 8060 or email support@bullionbypost.co.uk with the details of what you’re looking to sell, and our friendly team will help you.

Please note, selling your non-CGT free bullion could crystalise a taxable gain. Any information we provide in relation to this offer is for general informational purposes only and should not be construed as tax advice. We strongly recommend that you consult with an independent tax professional or advisor to review your specific circumstances and ensure compliance with applicable tax laws.

What is Capital Gains Tax?

Capital Gains Tax (CGT) is a tax on the profit (capital gain) made when selling or gifting an item. If you purchased something for £10,000 and sold it for £20,000 then you have made £10,000 in gains. CGT covers many items and personal possessions, including jewellery, paintings, antiques, and more.

How could a change in CGT impact gold and silver?

Gold and silver bars and coins are subject to CGT, except for UK legal tender coins made by the Royal Mint.

For investors who own any of gold and silver products that are not exempt, the profits made when selling in the future could already be subject to CGT, and depending on the changes in the budget, the impact to their profits could be significant.

How could CGT change in the Budget?

Many commentators are suggesting that significant changes to capital gains tax are likely be announced in the upcoming Budget.

Currently, individuals have an annual CGT allowance. The current allowance is for £3,000, meaning an individual could realise up to £3,000 worth of profit from selling applicable assets without being liable to pay CGT. This annual allowance could be reduced, or removed entirely, meaning more of the profits from the sale of items would be taxable.
CGT is taxed at a rate typically ranging from 10 – 20%. There is speculation that this rate could be increased to match income tax rates, up to the 45% rate. This would mean paying significantly more tax on any applicable profits.

Either a change in the CGT free allowance or the CGT rate would increase the tax burden on investors in CGT liable assets.

CGT-free gold and silver

Many UK investors have portfolios that include products that are not exempt from CGT. The products that are liable for CGT include gold and silver bars and non-UK coins such as Krugerrands, Maples and Eagles.

Concerns about CGT changes have prompted many investors to act ahead of the budget and change their assets to CGT-free bullion in the form of UK gold and silver coins produced by The Royal Mint. These coins are considered legal tender, and as such are exempt from Capital Gains Tax. By investing in these GCT free products they can keep all of the profit they make when selling these coins.

The most popular CGT free coins include Sovereigns (after 1837), and gold or silver Britannia coins, as well as other Royal Mint coins such as the Tudor Beasts range, Myths & Legends, and more.