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12th January 2024  - Yaks Assangha

Capital Gains Tax

Capital Gains Tax

Greetings, Glint Community! Gold is money and has long been a reliable store of wealth. As a gold holder it is crucial you stay on top of your tax obligations. Given this is the tax season and submission deadlines are looming, in this post, we'll explore the basics of capital gains tax on gold and introduce Glint's latest solution to simplify the tax-filing process.

Understanding Capital Gains Tax:

Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. In relation to your Glint account this asset is Gold. Normally before you can report any gains to tax authorities you will need details of how much you bought and sold the asset for, dates of purchases and sales and calculations for your capital gains.

Calculating Capital Gains on Gold:

Calculating the capital gains on your gold investments might seem complex and that’s why we are excited to introduce a solution that simplifies the process of calculating profit and loss on your gold with our new Gold Gains and Losses Report to facilitate a smooth tax-filing experience. With your report you can easily file your taxes or pass on the report to your tax advisor or accountant.

As each country has slightly different rules for calculating capital gains we have teamed up with a global accountancy firm to produce a report calculating your gains in accordance with your country. As such, the Gold Gains and Losses Report is only available to US and UK customers at the moment.

Key Features:

1. Detailed breakdown of capital gains and losses in a tax year.

2. Prepared by a renowned global accountancy firm.

3. Quick turnaround – receive your report within 10 working days.

For more details you can read the UK FAQs or US FAQs.

How to order your report:

1.     Open the Glint App.

2.     Tap your Profile icon on the top right.

3.     Hit ‘Capital Gains Report’.

4.     Select your tax year and hit submit.

5.     Send us an email confirming your request.

6.     You will be charged for each report.

7.     Sit back and relax – your report will be emailed to you within 10 working days.

You can see examples of the report below;