Bringing 1kg of gold from overseas

[ATL85]

I had a friend ask me if I was to bring back to the UK 1kg gold bar would I have to declare it at customs? & if tax would have to be paid on it?

From what I understand is that gold is CGT exempt.. so no to the above?

Thought I would share and ask for your expertise and advice from you experienced forum members. Thanks 

[Avrocarr]

Capital Gains Tax (CGT) is usually payable by someone UK resident for tax purposes who disposed of an asset in the UK. Yes, you’re right gold is exempt from this tax.

Bringing goods into the country is nothing to do with CGT. This is covered by customs and excise, there are allowances for personal use and it depends whether you’re arriving from within or outside of the EU. A kilo of gold would be above these allowances, would need to declared and customs duty would likely have to be paid.

[HighlandTiger]

You need to declare it. It's NOT CGT exempt, thats ONLY for gold coins

If you decide to carry gold on a flight then you will need to declare it and pay the customs duty. The maximum weight of gold allowed to carry for a traveler is up to 1 kg in any form.

[sixgun]

There is no import tax or VAT on investment grade bullion. Mr Dead has had shipped in kilo bars from Canada - you could have it courier delivered.

There is CGT on gold other than UK gold coins - a 1kg gold bar would be liable to future capital gains - next year the allowance for the single person is £12k. Of course 10 family members could have a stake in the bar etc etc. Just saying.

A 1kg bar could be sold privately and who would know - it is much easier to sell smaller coins privately.

i never intend to pay CGT b/c i won't be in the UK when i sell and use up all my allowances. 

In my mind a large bar like a kilo bar could be tricky to sell outside of a dealer - there are lots of fake bars and it is a lot of cash to splash in a private sale. Say 135 full sovereigns would be easy to sell.

[ATL85]

Thank you for the info @HighlandTiger

I agree with @sixgun I said to be on the safe side buy UK legal tender gold coins.

They replied but I've never held a 1kg bar before

[HelpingHands]

Just buy one after they arrive in the UK.

[MancunianStacker]

Yeah bed and breakfast it. Sell it before traveling and buy it instantly upon arrival or buy it via internet before leaving and have it delivered to destination. Yeah there’s a margin but will it be easier and less stressful than going through an airport with that much gold?