The sale and purchase of precious metals are subject to taxes and the taxation that applies varies from country to country. It is essential to know in advance, depending on the country, what level of taxation the transaction will be.
In order to cover this issue, we will review several countries and the taxation that applies to gold and silver.
Please note! When we talk about buying metals, it means that the company buys the metal from a private individual, and conversely, when we talk about selling, it is the sale of the company to a private individual.
In Switzerland, with kaufengold.ch, you can carry out your metal transactions in complete security and peace of mind.
Tax on gold
Tax and taxation of the purchase of gold
In all of the following countries, when gold is purchased by a company from an individual, the tax is 0%: France, Belgium, Switzerland, Italy, the United Kingdom, Ireland, Spain, Germany, Canada and the United States.
Tax on the sale of gold
Tax and fiscal aspects of gold sales in France
When sold, gold is taxed at 11.5% in France. In addition, there is a capital gains tax of 36.2%. Note that the capital gains tax allows for a 5% deduction per year from the third year of ownership. In order to benefit from it, it is imperative to provide a justification indicating the price and the date of acquisition of the gold. Beyond 22 years of possession, the tax exemption is total.
Tax and taxation of the sale of gold in Belgium, Germany and Switzerland
In the Kingdom of Belgium, Germany and Switzerland, the tax rate on the sale is 0%.
Tax and taxation of the sale of gold in Italy
For Italy, there are two types of taxation for the sale of gold. In the case of a capital gain for a private investor, the tax is 12.5% and for a company it is 6%.
Tax on the sale of gold in the UK
In the United Kingdom, a capital gains tax applies at a rate of 18% only if the metal is in the form of bullion or coins that are not legal tender.
Tax and Taxation of Gold Sales in Ireland
Ireland also has a Capital Gains Tax of 25%.
Tax on the sale of gold in Spain
The Kingdom of Spain has a capital gains tax of 20%. However, it is important to be sure of this level of taxation as it can vary from region to region in Spain.
Tax on of gold sales in Canada
The tax situation in Canada requires verification of several elements. The Capital Gains Tax allows for a 50% deduction in the first year of ownership of the gold. The other 50% applicable will be included at the time of the income tax return. It is imperative to check the Canada Revenue Agency website.
Tax on the sale of gold in the United States
The United States applies the Capital Gains Tax at a rate of 28%. Please note that gold is considered a collectible asset.
Tax on silver
Tax on the purchase of silver
Tax on the purchase of money in France
When buying silver, France taxes the transaction at 20%.
Tax on the purchase of money in Belgium
In Belgium, the tax rate on the purchase is 21%.
Tax on the purchase of money in Switzerland
A tax of 8% is applied when buying silver in the Swiss Republic.
Tax on the purchase of silver in Italy
The Italian Republic taxes the purchase of money by the company at a rate of 21%.
Tax on the purchase of silver in the United Kingdom
A rate of 17.5% is applied by the British tax authorities.
Tax and taxation of the purchase of silver in Ireland
Ireland, in its taxation, applies a tax rate of 21% to the purchase.
Tax on the purchase of silver in Spain
The Spanish kingdom applies a levy of 16%.
Tax on the purchase of silver in Germany
Germany has decided to tax the purchase of silver at a rate of 19%.
Tax on the purchase of silver in the United States and Canada
The two North American countries do not apply any tax on the purchase of silver.
Tax on the sale of silver
Belgium, Switzerland and Germany do not apply any tax on the sale of silver.
Tax on the sale of silver in France
On sale, silver, like gold, is taxed at 11.5% in France. A capital gains tax of 36.2% must be added. Like gold, the sale of silver allows an abatement of 5% per year from the third year of ownership on the capital gain. A justification must be provided indicating the price and the date of acquisition of the silver. After 22 years of ownership, the tax exemption is total.
Tax and taxation of the sale of silver in Belgium, Germany and Switzerland
Belgium, Switzerland and Germany do not apply any tax on the sale of silver.
Tax on the sale of silver in Italy
For Italy, two types of taxation apply for the sale of silver. In the case of a private investor, the capital gains tax is 12.5%, and in the case of a company, it is 6%.
Tax and taxation of the sale of silver in the UK
In the UK, the Capital Gains Tax applies at a rate of 18% only in the case of bullion or coins that are not legal tender.
Tax on the sale of silver in Ireland
Ireland also has a Capital Gains Tax of 25%.
Tax on the sale of silver in Spain
Spain has a capital gains tax of 16%. This rate can fluctuate depending on the region.
Tax on the sale of silver in Canada
Like gold, the Capital Gains Tax allows for a 50% deduction in the first year of ownership of silver. The following 50% is included at the time of the income tax return. It is necessary to verify the situation on the Canada Revenue Agency website.
Tax and taxation of the sale of money in the United States
The country applies the Capital Gains Tax with a rate of 28%. Attention, silver is considered as a collectible good.
For Switzerland, whether it is gold or silver, the metals must be included in the Wealth tax.
