Tax hit for gold bugs
The IRD has put out an exposure draft for comment.
It said it was asked from time to time whether there would be tax consequences from the sale of gold bullion.
“It is sometimes suggested that because gold is often held as a long-term investment or hedge against inflation, there are no tax implications. However, others have taken the view that investments in gold will give rise to tax implications,” the IRD’s paper said.
It said when gold was bought as an investment the proceeds from the sale needed to be included as income for tax purposes.
“In the Commissioner’s view, gold bullion bought as an investment will necessarily be acquired for the purpose of disposal and consequently any amounts derived on its disposal will be income.
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