vc_row] vc_column offset=”vc_col-lg-9 vc_col-md-9″ css=”.vc_custom_1452702342137{padding-right: 45px !important;}”] vc_custom_heading source=”post_title” use_theme_fonts=”yes” el_class=”no_stripe”] stm_post_details] vc_column_text css=”.vc_custom_1657200438068{margin-bottom: 20px !important;}”]Is gold taxed? Do you have to declare your gold coins to the tax authorities? What is the tax on gold ingots or bars? These questions are recurring because the taxation on gold (purchase and sale) has changed since January 2018. Here is what you need to know before buying or selling your gold, whether it is physical gold (coins, jewelry, ingots, etc.) or paper gold.
New taxation on gold since 2018
The finance law of 1er January 2018, which reformed the ISF, also brought about a major change in the taxation related to investment gold. Until that date, gold bars and coins were declared to the ISF. No matter how much gold you owned, one coin or ten bars, you legally had to pay the ISF on it. Since 1er As of January 2018, there is no longer any tax or duty on holding gold. You can therefore buy as many investment coins and bars as you want (within the legal limit), you will not be subject to VAT at the time of purchase (so no tax), and you will not be required to declare them to the tax authorities either.
As a reminder, this absence of purchase tax applies to investment gold, namely:
- The ingots, bars, wafers, ingots (or mini ingots) whose weight is greater than 1 gram and whose purity is at least 995 thousandths;
- The gold coins minted after 1800, whose purity is greater than or equal to 900 thousandths and which have been officially in circulation in their country of origin. In addition, their "premium" (the difference between the value of the coin and that of the weight of the gold metal) must not exceed 80%.
However, although the purchase of gold has not been taxed since 2018, the French state has chosen to increase part of the taxes on resale.
Good to know : Unlike investment gold, money, in the form of bullion, is subject to VAT upon purchase (20%). Only legal tender silver coins are exempt. At the time of sale, the same taxation as on gold products applies.
(Re)sale of physical gold, mandatory taxes for the seller
If there are no more fees when you buy investment gold, it is at the time of resale (between individuals or in a specialized store) that taxes are imposed. At this time there are two different tax regimes: the flat-rate tax on precious metals (TFMP), and the capital gains tax (TPV). It is up to you to choose which tax system you prefer, and especially which is the most advantageous financially speaking.
- The flat rate tax on precious metals
When the ISF law was amended in 2018, the TFMP increased from 10,5% to 11,5% (11% tax, and 0,5% CRDS). This tax applies to the total amount of the transaction, regardless of its amount. If you sell your gold to a professional, they will be responsible for carrying out the administrative procedures and payment to the State. But if you sell your gold to another individual, it is up to you to fill out the appropriate form (Cerfa n 11294*13) and pay the tax to the tax office.
- Capital Gains Tax
This tax is well known for real estate. To calculate it, simply subtract the purchase price from the sale amount. Obviously, in the event of a capital loss, no tax applies. In the opposite case, which is more common, there is a reduction that depends on the length of time the property has been held (gold coin, ingot, etc.):
- If you have held the gold coins or bars for more than 22 years, the TPV is zero;
- Before the age of 22, there is a scale:
- If the resale takes place during the first 2 years of ownership, the TPV amounts to 36,2%;
- From the 3rd year you benefit from a reduction of 5% per year.
But be careful! To be able to choose this tax regime, you must prove that you are the owner of this gold, and since when. To do this, you need official documents such as a nominative purchase invoice or a nominative inheritance certificate. This document must include the date of purchase, the price, and a detailed description of the object (seal or serial numbers on the ingots for example). Without this, you will have to opt for the TFMP.
If you opt for the TPV, you must complete the form Deer 10251*18 and pass it on to the tax authorities.
Before choosing a tax system, it is therefore important to make the right calculation. If you are unsure, go to a specialist store that will be able to advise you.
Good to know : If you sell jewelry, gold items or collectible coins (dating from before 1800) whose value does not exceed €5, you are exempt from tax because these objects are not considered investment gold.
Paper gold, a special tax
Paper gold has a different tax system than physical gold. Unlike gold metal, paper gold is not tangible. It is a dematerialized financial product comparable to a stock market share and whose price is linked to that of gold. This paper gold can take different forms such as "ETFs" (Exchange Trade Funds), gold funds or even shares in gold companies. The taxation of these products is therefore identical to any security in the event of transfer:
- you will be taxed by default on capital gains at 30% under the Single Flat-Rate Deduction (PFU);
- or you can choose the income tax option. You will then be taxed at your Marginal Tax Rate (MTR). Don't forget that social security contributions apply (17,2%) on earnings from the 1er euro!
As with physical gold, think carefully before choosing one tax regime over another, and run simulations to find out what is most beneficial for you. /vc_column_text] stm_post_bottom] stm_post_about_author] stm_post_comments] stm_spacing lg_spacing=”80″ md_spacing=”80″ sm_spacing=”30″ xs_spacing=”20″] /vc_column] vc_column width=”1/4″ offset=”vc_hidden-sm vc_hidden-xs”] vc_row full_width=”stretch_row” el_class=”third_bg_color” css=”.vc_custom_1451889219674{margin-bottom: -60px !important;}”] vc_column width=”2/3″] vc_cta h2=”Des questions? Contact our experts GOLDMARKET” h2_font_container=”font_size:20px|color:%23333333|line_height:24px” h2_use_theme_fonts=”yes” shape=”square” style=”flat” add_button=”right” btn_title=”01 82 83 62 63″ btn_style=”flat” btn_color=”theme_style_2″ btn_size=”lg” btn_align=”right” btn_i_icon_fontawesome=”stm-phone-11″ use_custom_fonts_h2=”true” btn_button_block=”true” btn_add_icon=”true” el_class=”third_bg_color” css=”.vc_custom_1588428332984{margin-bottom: 0px !important;}” btn_link=”url:tel%3A0182836263|title:T%C3%A9l%C3%A9phone%20GOLDMARKET||”] /vc_cta] /vc_column] vc_column width=”1/3″] vc_cta h2=”” h2_font_container=”font_size:20px|color:%23333333|line_height:24px” h2_use_theme_fonts=”yes” shape=”square” style=”flat” add_button=”right” btn_title=”Contact Us” btn_style=”flat” btn_color=”theme_style_2″ btn_size=”lg” btn_align=”left” btn_i_icon_fontawesome=”far fa-envelope” use_custom_fonts_h2=”true” btn_add_icon=”true” el_class=”third_bg_color” css=”.vc_custom_1588428405657{margin-bottom: 0px !important;}” btn_link=”url:https%3A%2F%2Fwww.goldmarket.fr%2Fnous-contacter%2F|title:Nous%20Contacter||”] /vc_cta]
