HELP! UK tax on recovered gold

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Tayl07

New member
Joined
Jun 9, 2016
Messages
1
I am new to this forum! Hoping to get some advise on some gold I have recovered

I currently have 408g off 999 gold recovererd from scrap gold plated plastic I was given by my employer. I work for a pharansutucals company that manufactured a development sensor printed on Au spaterd polymide plastic film.

I have sent the bar to Birmingham assay office and have it certified.

I did not pay for the waste material but have yielded quite the quantity.

Does anybody have any experience in the tax that might be due went I sell it.

I know there wouldn't be capital gains tax but I'm thinking uk income tax?

Any suggestion welcome, hope you guys can help??
 
You have to declare it as an income,but as it was "Found good's" not "Purchased with the intent to Trade" they should be quite lenient if they charge you at all it will depend on your yearly income.There are some allowances for a one-off windfall.
There are no VAT implications,but if you intend to pursue any activity with the intention of making a profit you will have to register and do annual account's with a separate bank account just for that trade or they will get quiet aggressive.
 
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