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How to calculate market value for legal purposes?


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Is there a way to determine the market value of a stash of silver coins for legal purposes, e.g. tax or benefit purposes?

Is it fair to say that one can use spot value minus 5%?

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19 minutes ago, savoyard said:

Is there a way to determine the market value of a stash of silver coins for legal purposes, e.g. tax or benefit purposes?

Is it fair to say that one can use spot value minus 5%?
 

6k personal belongings ( profit )are extemped from cgt , starts 6th April every year

MY TOTAL FORUM TRADE FEEDBACK IS 100 AND IT IS 100%

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Why?

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live.

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You cannot make a gain or a loss until you sell so there is no tax liability for holding a stack.
If you are insuring your silver coins then the value should be as a minimum spot but you could justify spot + 20% to take into account the VAT and margin on a coin.

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I am in it to about 75£/oz, all pandas

Both graded, raw and OMP

I will keep on buying more of them, atm mostly graded

But some omp can turn up

Oh, Need to get me some 2017 aswell

It will probebly be 31 raw and 20 MS 70 graded

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I'm having technical problems with this site so bear with me.

The HMRC has launched a compliance on tax credits I received in the last two years. Nothing to worry about, but they want to know the amount of all my savings and investable assets. They want to know the market value of all my investments. I cannot ignore this question. I have to give an answer. I bought all of them via bank transfer, so there is a trace. I'm thinking of just giving the total amount at spot price minus 5% because this is the usual buy back price.

I

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7 hours ago, savoyard said:

I'm having technical problems with this site so bear with me.

The HMRC has launched a compliance on tax credits I received in the last two years. Nothing to worry about, but they want to know the amount of all my savings and investable assets. They want to know the market value of all my investments. I cannot ignore this question. I have to give an answer. I bought all of them via bank transfer, so there is a trace. I'm thinking of just giving the total amount at spot price minus 5% because this is the usual buy back price.

I

You can always ask HGM or Atkinsons for an estimate and if you can enter your stack on-line for a quote, even better, then you have a true record for the HMRC from a reputable source. Your spot minus 5% seems a good starting point but you might find HGM offer less; to your advantage perhaps ?

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7 hours ago, savoyard said:

I'm having technical problems with this site so bear with me.

The HMRC has launched a compliance on tax credits I received in the last two years. Nothing to worry about, but they want to know the amount of all my savings and investable assets. They want to know the market value of all my investments. I cannot ignore this question. I have to give an answer. I bought all of them via bank transfer, so there is a trace. I'm thinking of just giving the total amount at spot price minus 5% because this is the usual buy back price.

I

Two ways of looking at these things: If you want a high figure, value your coins as collectables, except obviously bullion items, where spot would be appropriate and defendable. If you want a lower figure, value everything, even collectables and semi-nums as bullion, either as spot or spot +/- a bit. I suspect you will be in the second category.;)

Profile picture with thanks to Carl Vernon

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I believe the HMRC classifies bullion coins as investment coins, not collectibles. It's a grey area but I don't want to take chances with the taxman (or is it taxwoman?).

 

Eventually I decide to use the values given on the Atkinson's website:

 

https://atkinsonsbullion.com/sell-to-us/silver-coins

 

which is my nearest dealer. As you can see it's marginally below spot.

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