Selling my physical silver and gold

M

Mirrorball

Guest
Hi,

Quick question i hope somebody could help me with. I have a not insignificant amount of gold & silver all in physical coin & bullion that i bought a couple of years ago when i didnt know what else to do with my cash and the whole banking crisis was taking off. Made a nice little profit by getting lucky and buying at a good time and recently decided to liquidate it.

I sold most of it today for a nice little profit on my original investment and got a pretty good deal that i was happy with and got paid in hard cash.

I want to deposit this in my bank and then move it in chunks to various savings accounts (browsing the savings best buys at the minute to see what my best options are).

So, if i go into my bank are they gonna ask me a bunch of questions about it (€30k+ in cash). And am i liable to declare it and pay some kind of tax on it? Is there any kind of capital gains tax for selling physical bullion in Ireland?

Excuse my naivety but i figured i should get some answers here before waltzing into my bank with a wad of cash looking to deposit it all.

Thanks for any help you can offer.
 
Mirrorball said:
Hi,

Quick question i hope somebody could help me with. I have a not insignificant amount of gold & silver all in physical coin & bullion that i bought a couple of years ago when i didnt know what else to do with my cash and the whole banking crisis was taking off. Made a nice little profit by getting lucky and buying at a good time and recently decided to liquidate it.

I sold most of it today for a nice little profit on my original investment and got a pretty good deal that i was happy with and got paid in hard cash.

I want to deposit this in my bank and then move it in chunks to various savings accounts (browsing the savings best buys at the minute to see what my best options are).

So, if i go into my bank are they gonna ask me a bunch of questions about it (€30k+ in cash). And am i liable to declare it and pay some kind of tax on it? Is there any kind of capital gains tax for selling physical bullion in Ireland?

Excuse my naivety but i figured i should get some answers here before waltzing into my bank with a wad of cash looking to deposit it all.

Thanks for any help you can offer.
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you are obliged to pay 25% capital gains tax upon sale , if you bought 10 k worth of gold three years ago and its now worth 30 grand , you will have to pay 25% capital gains on 20 grand which means you have a capital gains liability of 5 k
 
Note also the probability is that the bank will be obliged to report the transaction to the Gardai under anti money laundering legislation
 
farmerette said:
you are obliged to pay 25% capital gains tax upon sale , if you bought 10 k worth of gold three years ago and its now worth 30 grand , you will have to pay 25% capital gains on 20 grand which means you have a capital gains liability of 5 k
Click to expand...

Not quite, you haven't accounted for the tax free allowance.

(cost of purchase - cost of sale - €1270) *0.25 = CGT owed.
 
Mpsox said:
Note also the probability is that the bank will be obliged to report the transaction to the Gardai under anti money laundering legislation
Click to expand...

I'd say the possibility rather than probability. The bank will likely query where the cash has come from and if they are not satisfied with the answers the will complete a money laundering suspicions report which will be sent to the reporting officier who will decide whether it needs to go further
 
Hi Mirrorball, My family are contemplating getting rid of around 120g of 9ct & 1kg of 925 silver. Where or which are the best places to sell it? Can you trust cash for gold & gold- traders.co.uk etc? I would appreciate some advice. Thank you
 
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