Capital gains threshold for most this year is £12,300 for everything.
If i make more gains than that elsewhere and gold is worth less than what i paid, i can claim a loss on.my tally to put against gains elsewhere.
If gold is worth more then there will be CGT to pay on the gold gains in tally.
If tally is taxed the same as crypto is taxed, which they will be as they are both classed as assets. Then each and every purchase or transfer, made using tally, is in fact a tax point, because an asset was sold (gold) converted to fiat £ and spent or given.
You’re correct, it is the individuals responsibility, but how will they know unless they do as mentioned before. Thats why it would be extremely dangerous for anyone to hold any remotely significant amout in tally.
The process of keeping a tally of gains/losses is a relatively simple one, its just maths on a database. Even i could create an excel spreadsheet to do this so theres no excuse it cant be done, especially as they have a gold price feed baked into the system. This is no different from software developed for exactly the same process for keeping track of crypto transactions for tax purposes.
Its just another thing ive been banging on about for years, that should have been sorted out, years ago.
Are tally just expecting people to tell HMRC, “Yeah, I’m over the threshold with my crypto gains or any other capital gains, and tally gold is also up since i bought it, but tally dont bother keeping a tally of that, so go and speak to them about how much i owe you”?
Yea, good luck with that, enjoy your day in court.