The tax issue is something the sellers conveniently doesn’t mention in all those buy “gold to avoid inflation” commercials you see on TV and the internet from Rosland Capitol. They never mention the sell side and the tax implications or that you will be losing 28% of your profit. But that’s for US (except some states), it’s not the same in England or Australia.
In the US Bullion coins, bullion bars, rare coinage, or ingots—are subject to capital gains tax. The capital gains tax is only owed after the sale of such holdings and if the holdings were held for more than one year. The states that don’t have a capital gains income tax are those states without a personal income tax. Alaska, Florida, Nevada, New Hampshire, South Dakota Tennessee, Texas, Washington, Wyoming
Florida has no state income tax, which means there is also no capital gains tax at the state level. Florida is the “gold Stackers paradise”!! No tax here on anything American and only taxes on foreign/generic at 6.5% for less than $500 so any 1/4 oz foreign Gold is tax free at today’s prices. I feel for my brothers in Blue states and other countries with higher taxes.
In the UK, bullion currency such as the Britannia and sovereign is exempt from capital gains tax and VAT exempt and CGT exempt, foreign coins are taxable, because it’s technically money. Surprised that there’s something the USA taxes that the UK doesn’t, it’s usually the other way round.
In the Czech Republic, gold is classified among tangible assets, and is exempt from VAT upon purchase and sale. Unless you are trading as a company, you are exempt from paying any capital gains taxes. If you are a company and are trading in gold, then you are liable for capital gains taxes.
| Country | Buy Silver | Sell silver | Buy gold | Sell Gold |
|---|---|---|---|---|
| España | 16% | Tax capital gains of 20%. May vary from region to region (autonomías). | 0% | Tax capital gains of 20%. May vary from region to region (autonomías). |
| Belgium | 0% | 0%. | ||
| France | Silver, like gold, is taxed at 11.5% in France, there is capital gains tax of 36.2%. | 0%: | gold is taxed on sale at 11.5% in France. In addition, there is a capital gains tax of 36.2%. The capital gains tax allows for a 5% deduction per year from the third year of ownership. Beyond 22 years of possession, the tax exemption is total. | |
| Germany | 19% | 0% | 0%. | |
| Italy | 21%. | Two types of taxation in Italy for the sale of silver. Private investor, the tax is 12.5% company the tax is 6%. | Two types of taxation in Italy for the sale of gold. Private investor, the tax is 12.5% company the tax is 6%. | |
| Netherlands | 21% | |||
| Poland | 23% | |||
| Slovenia | 20% | |||
| Russia | 18% | |||
| Sweden | 25% | |||
| Switzerland | 7,7% | 0% | Silver must be included in the Wealth tax. From 0.10 to 0.20% depend on regions. | Gold must be included in the Wealth tax. From 0.10 to 0.20% depend on regions. |
| United Kingdom | regardless of the country of issue, Silver bullion coins and silver bullion bars are subject to standard VAT, currently 20.0%. | 0% | Capital gains tax applies at 18% only if the gold is in the form of bars, or coins that are not legal tender in UK. | |
| Austria | 20% | |||
| USA | 0% | Silver is considered as a collectible asset. USA applies the Capital Gains Tax with a rate of 28%. | 0%: | Gold is considered a collectible asset. 28 % Capital Gains Tax on Gold and Silver. May vary from State to state. Alaska, Florida, Nevada, New Hampshire, South Dakota Tennessee, Texas, Washington, Wyoming don’t have a capital gains income tax. |
| CANADA | 0% | Like gold, the Capital Gains Tax allows for a 50% deduction in the 1st year of ownership of the silver. The other 50% applicable will be included in the income tax form. Check it on the Canada Revenue Agency’s website. | 0% | The Capital Gains Tax allows for a 50% deduction in the 1st year of ownership of the gold. The other 50% applicable will be included in the income tax form. Check it on the Canada Revenue Agency’s website. |
| Ireland | 21% | Capital Gains Tax of 25% | 0% | Tax on Capital Gains of 25%. |