“Currency in sterling is not an asset for capital gains purposes. It is the unit by reference to which capital gains are measured”
This is good news if you have decided to dispose of your sovereigns (post 1837) half sovereigns, Britannias and other British gold coins, including the British Lunar series. As these coins have a legal ‘face value’ denominated in pounds sterling, they should be treated as exempt from capital gains tax. You could dispose of these – make an unlimited profit – and this should not be counted as part of your tax allowance. This produces a great argument for investing in British coins.
Take, for example, the one ounce gold Britannia coin: it has a face value of £100. In theory, if gold were to drop below £100 per ounce, then at least your one ounce gold Britannia will still be worth £100!
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