RE: gold coin purchasing11 Nov 2020 20:42
Chippy hi, I think you will find you are correct. The 7 year does NOT apply to these type of Gold coins.
Inheritance Tax Gift Allowance and Gold Investment
Physical gold is a tax-efficient, practical and effective way of transferring wealth to loved ones. It is private, which means that unlike equities, cars or property there is no requirement to register its ownership or a transfer of ownership when it is passed on.
It effectively removes wealth from the banking system where the low rate of interest would erode its value as inflation continues to increase the cost of goods. Instead, your wealth is transferred into a physical and tangible asset which can grow tax-free.
If you are a UK resident and purchase UK gold coins like Gold Britannia coins or Gold Sovereign coins, any capital gains are tax free even when you pass it on as part of your legacy. A generous grandfather who bought 50 one-ounce gold coins in 1975 when the price of each ounce was £25, and left them to their grandchild who sold them for over £1000 each today would incur no capital gains tax. So not only are you able to benefit from flexibility around inheritance tax but you are able to transfer the benefit of tax-free growth down the generations.
Gold is an effective and generous way to distribute some of your wealth while you’re still alive, using your inheritance gift allowance under inheritance tax laws or just buying physical gold presents (jewellery or small coins) when birthdays or Christmas comes around. Spend it and spread it while you still can, and for the rest leave a lasting legacy for your loved ones.
https://thepuregoldcompany.co.uk/how-to-leave-a-lucrative-legacy-to-your-loved-ones/
Hope this is of help.
Cheers
Tom :-)