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Business News Wales
a day ago
- Business
- Business News Wales
The Royal Mint Reports Record Interest in Multi-Metal Investments
Online bullion transactions reached record levels in the first quarter of the financial year, figures from The Royal Mint show. Insights from reveal exceptional investor activity across all precious metals during Q1 2025 – up 55% year-on-year – as gold's rally prompted broadened interest in silver and platinum. Gold set five new all-time highs in GBP, peaking above £2,500 in April, driving unprecedented engagement from UK investors. Online bullion coin sales (gold, silver and platinum) achieved the second-highest levels on record, with revenue remaining robust at 115% above the same period last year, despite a natural 17% decline from the record-setting Q4 tax year-end. The quarter also revealed a record number of customers selling precious metals back from The Royal Mint's vault across all three precious metals. The value of gold coins sold reached an all-time high, increasing 75% quarter-on-quarter and 55% year-on-year. One standout transaction saw a customer purchase gold coins in October 2024 and sell in June 2025 for a £70,000 Capital Gains Tax free profit. Despite record sell-back activity, gold coin purchases still outweighed sales by a 6:1 ratio, demonstrating continued demand for the precious metal. The quarter showcased remarkable growth in alternative precious metals, with silver breaking through £27 per ounce in June for the first time since 2011. Comparing Q1 2025 with the same period last year, silver sales increased 51% while platinum sales rose 188%. The Royal Mint's VAT-free DigiGold range experienced unprecedented demand across all metals, with the most dramatic growth in silver and platinum. Digital Gold sales rose 103% year-on-year, while Digital Platinum sales soared 798% and Digital Silver sales rocketed 1,158% compared to Q1 2024. Stuart O'Reilly, Market Insights Manager at The Royal Mint, said: 'This quarter demonstrated a remarkable evolution in UK precious metals investing. We're seeing strategic behaviour from investors to rebalance portfolios and rotating into silver and platinum. 'The fact that silver and platinum activity has surged alongside gold's rally shows UK investors are becoming increasingly aware of the value of other precious metals, with silver and platinum often following gold's lead during major rallies.' Despite gold's modest pullback from April highs, underlying demand drivers remain robust. The Royal Mint's vault operations experienced exceptional activity during the quarter, taking delivery of substantial quantities of bullion bars including 400oz gold bars and 1,000oz silver bars to meet record customer demand, while simultaneously processing the highest levels of customer sellbacks on record.
Yahoo
3 days ago
- Business
- Yahoo
When Selling Your Home in a Divorce, Who Pays Capital Gains Tax?
Divorce is never simple, and that's particularly true when a home is involved. While property division is often hashed out during settlement talks, many divorcing couples don't anticipate the potential tax consequences that can come with selling the marital home. Chief among them is the capital gains tax, which can apply when a home is sold for more than its original purchase price. Luckily, understanding how capital gains exclusions work, how the timing of a sale affects taxes, and who's responsible if one spouse keeps the home can help divorcing couples avoid costly surprises. What the capital gains tax exclusion means—and why timing matters in divorce When you sell your primary home for more than you originally paid, the profit—known as a capital gain on real estate—might be subject to taxes. How much you owe is based on the gain. However, most homeowners qualify for a capital gains exclusion, which can reduce or eliminate the amount they owe. To qualify, though, you must live in the home as your primary residence and have lived in it for at least two of the past five years. Plus, you can claim the exclusion only once every two years. Individuals can exclude up to $250,000. Married couples filing jointly can exclude up to $500,000. In a divorce, the timing of the home sale can make a big difference. Depending on when you sell the home, and who meets the ownership and residency requirements, will determine if and how much of an exclusion you can claim. This is why it's important for divorcing couples to consider their timetables as part of the broader financial strategy. Selling too late could result in a larger tax bill, especially in areas where home values have appreciated significantly. There's been ongoing debate among lawmakers about potential changes to capital gains rules, particularly in response to the housing affordability crisis, so staying informed about tax policy changes is also wise. If the home is sold before the divorce is finalized From a tax perspective, selling the home before your divorce is finalized is often the most efficient route, since married couples can take advantage of the full exclusion amount ($500,000). You just need to file a joint return and meet the other requirements. The IRS does not take divorce pending proceedings into account. What matters is your marital status at the time of the sale. As long as you are legally married when you sell the home, the full exclusion will apply. This can result in substantial tax savings when your home has appreciated significantly in value. While the proceeds from the sale will still need to be divided as part of the divorce settlement, the tax treatment of those proceeds is generally more favorable when the sale happens before the split is official. So whether your divorce is amicable, mediated, or somewhere in between, it's worth having a conversation about timing the sale strategically since selling the home earlier in the process could reduce your joint tax liability—and leave more money on the table for both parties to divide. If the home is sold after the divorce is finalized Once the divorce is final, the couple no longer qualifies for the $500,000 exclusion as a unit. Instead, each spouse may individually qualify for the $250,000 exclusion—but only if they meet the ownership and residence test individually. There are other potential problems when selling postdivorce. One spouse might not qualify if they moved out of the house years before the sale, which might commonly happen when a couple splits up. Another issue arises when the title to the home changes after the divorce. If the home is transferred into the name of one spouse only, and that person sells it later, the entire capital gain might be attributed solely to them (even if both spouses shared in the home's appreciation during their tenure there). That could lead to a much higher tax bill. For example, let's say the home increased in value by $600,000 after it was purchased. If only one spouse is on the title and only that spouse qualifies for the $250,000 exclusion, they could be taxed on the remaining $350,000 in gains—a potentially significant financial hit. If one spouse keeps the house after divorce In this case, the capital gains tax doesn't apply right away since there was no sale. Instead, taxes will come into play down the road whenever the spouse eventually sells. Here's why this matters: Unless the home's cost basis (the original purchase price, plus any major improvements) is adjusted during the divorce settlement, the person who keeps the house inherits the original cost basis. That means if the home increases significantly in value over time, they could be hit with a larger tax bill—especially if they only qualify for the individual rather than the exclusion available to married couples. Another common arrangement is where one spouse keeps the house and the other receives different assets, like retirement accounts or investment portfolios. While this can be a fair exchange at the time of divorce, it might lead to uneven tax consequences later. The spouse who keeps the house could face a larger tax burden in the long run, depending on how much the property appreciates. Because of these complexities, it's wise for divorcing homeowners to consult a CPA or a divorce-focused financial planner before finalizing any agreement involving the home. What seems like a clean trade at the moment could result in a costly surprise down the line if the capital gains on real estate aren't properly accounted for. Related Articles Pete Davidson and Elsie Hewitt Announce They're Pregnant With Their First Child—Just Months After They Moved in Together 36.1% of Homeowners in Tennessee Will Face a Hidden Home Equity Tax If They Sell Every Smart Buyer Does This Before Closing — If Your Agent Says Skip It, Think Twice Solve the daily Crossword
Daily Mirror
15-07-2025
- Business
- Daily Mirror
Pokemon card fans could face £1,500 fines for not following HMRC rules
The Pokemon trading card market is expected to grow to £43.3billion by 2034, but fans have been warned Fans of Pokémon cards have been cautioned that they could be slapped with fines up to £1,500 if they fail to adhere to HMRC rules. Experts in the card game industry are alerting anyone selling Pokémon cards that they risk hefty HMRC penalties for a simple oversight. The Pokémon trading card market is predicted to balloon to £43.3billion by 2034, as per Market Decipher. Moreover, there's been a staggering 5,000% surge in searches for 'how to sell my pokemon cards' over the past month. However, neglecting to file a self-assessment tax return after three months of trading can result in a £900 fine. Stuart Robb from Thistle Tavern Trading Cards, a card game specialist, warned: " Selling Pokémon cards can be a fun hobby or a lucrative side business, but it's important to know your tax obligations. If you're frequently buying and selling with the aim of turning a profit, HMRC may view you as a trader. In that case, you'll need to register as self-employed and pay income tax on your profits." He added: "You won't need to inform HMRC if your total trading income - before deducting expenses - is £1,000 or less in a tax year, as this falls under the trading allowance. But once you go over the £1,000 threshold, you're required to file a Self-Assessment tax return." He further explained: "Missing deadlines comes with automatic penalties. A £100 fine straight away, followed by daily £10 fines after three months, equating to £900. After six months, you'll face an extra charge of 5% of the tax owed or £300 - whichever is higher - and the same again after twelve months. "This means you could end up with at least £1,500 worth of penalties if you leave your Self Assessment unpaid for a year. To avoid this, make sure you file and pay on time. "For casual sellers, it's wise to keep records of all sales in case you exceed the trading or personal allowance. HMRC looks at several factors when deciding if you're trading, such as how often you sell, whether you're aiming for profit, and how organised your activities are. If your sales appear regular and business-like, you're more likely to be classed as trading." How to dodge hefty fines from selling Pokemon cards Keep Track of Your Sales: "Whether you're selling cards on TikTok, eBay, or elsewhere, keeping accurate records is essential. This includes documenting all sales, platform fees, and shipping costs to calculate your profits accurately. "Casual sellers can earn up to £1,000 tax-free under the trading allowance, but any earnings above this threshold require filing a Self-Assessment tax return". Trading card enthusiasts beware, you might be liable for Capital Gains Tax (CGT) if you cash in on your collection, reports Plymouth Live. "If you sell a rare card or collection for a substantial amount, you may need to pay Capital Gains Tax. "For the 2024/25 tax year, any profits over £6,000 are taxable, with rates of 10% or 20%, depending on your income. Keeping detailed records of your purchases and costs means you can calculate your gains correctly." For those in the trading card business turning over more than £90,000 annually, it's time to get VAT-ready. "Sellers generating over £90,000 in annual sales must register for VAT, which involves charging VAT on sales and filing regular returns. While this adds administrative work, it also allows you to reclaim VAT on business-related expenses." Don't overlook the importance of documenting your deductibles to keep your taxes in check. "Deductible expenses like the cost of purchasing cards, shipping fees, and storage costs can reduce your taxable income or VAT liability. "Proper documentation of these expenses is key to minimising your tax bill." And remember, HMRC needs to know about any extra income from selling cards that isn't included in your payslip. "Extra earnings from selling cards aren't included on your payslip, so it's up to you to let HMRC know about them. If you don't, you could face fines, starting at £100 for missing the Self Assessment deadline."
Irish Times
15-07-2025
- Business
- Irish Times
Will my mother be liable for capital gains tax if we sell her house on her behalf?
I have a query about selling my mother's home. She has been in a nursing home for five years. Two of my children have lived in her house in that time, taking the opportunity to save a deposit for their own houses. The eldest bought her own house last year, and the younger one has just gone sale-agreed on her house. This means that my mother's house will be empty but we would prefer to see someone living in it. Reading a previous Property Clinic on renting out a parent's former home , which detailed the significant responsibilities of becoming a landlord, discouraged me from the rental option. If we sell the house on behalf of my mother and then put the proceeds into her bank account, will she be liable for capital gains tax? Also, would it have an impact on her Fair Deal payments for her nursing home? We have considered the Capital Gains Tax (CGT) position in the context of this query. CGT is a tax you pay on any profit made when you dispose of an asset. READ MORE There is a relief from CGT on the sale of a person's principal private residence (PPR), which broadly applies to a house (and garden up to one acre) that was owned and occupied as a person's only, or main, residence through the period of ownership. PPR relief can be restricted in certain circumstances, for example, where the house was partially used as a business or if the sale comprises development value. There is an apportionment of the relief if the house was not always occupied as a PPR. In this context, there is a period of grace whereby the last 12 months of ownership can be considered as a period of qualifying occupation even though not lived in, while the property is being sold. [ What do I need to know in order to rent out my parents' former home? Opens in new window ] For the purpose of the relief, Revenue will also allow certain periods of non-occupation to qualify for the relief as deemed occupation. One of these deemed occupation periods includes the situation where the owner was either: receiving care in a hospital, nursing home or convalescent home or resident in a retirement home on a fee-paying basis The Revenue Commissioners state in their guidance that where the house was occupied rent-free, during a period of absence by a relative of the claimant, for the purpose of security or maintaining it in a habitable condition, the relief can still apply. Fair Deal implications Published guidance on the Fair Deal scheme sets out that an individual's home will be removed from their financial assessment after they have been in care for three years. It also sets out that if the home is sold while in care, the net proceeds of the sale will also qualify for the three-year cap. However, we would advise you contact your local nursing homes support scheme office to confirm the position prior to the sale as this is a very specialised area. Suzanne O'Neill is a tax partner at RSM Ireland Do you have a query? Email propertyquestions@ This column is a readers' service. The content of the Property Clinic is provided for general information only. It is not intended as advice on which readers should rely. Professional or specialist advice should be obtained before persons take or refrain from any action on the basis of the content. The Irish Times and it contributors will not be liable for any loss or damage arising from reliance on any content
Daily Mirror
03-07-2025
- Business
- Daily Mirror
'I make £20,000 a month through my business - it's easier than being a landlord'
Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60 A man has explained how he makes around £20,000 a month by renting our garages and car parking spaces. Property investor and surveyor Barrie Taube, 48, rents out garages for £50 to £150 a month, and parking spaces for between £30 to £60. He now owns 150 garages and 300 car parking spaces across Essex, the Midlands, Nottingham, London and the South East, through his business, Southern Land Securities Limited. Mr Taube also rents out properties, but says garages and car parking spaces are often simpler to manage. He told i newspaper: 'There's not much to maintain, just the roof, walls and the garage door. 'If the roof is leaking, you make the decision whether to mend it but, in general, when someone signs the lease, they agree to maintain it and to give it back in the condition they rented it in.' He explained how a garage can normally be bought for between £10,000 to £30,000, although if you go for somewhere really expensive, they can run into the hundreds of thousands of pounds. For example, Mr Taube said a garage in Mayfair could cost you between £200,000 to £300,000 and this would make you around £500 a month in rent. The Mirror previously spoke to one man who makes an extra £250 every football season by renting out his driveway. Mark Newman lives near Hillsborough Stadium, the Sheffield Wednesday football stadium, and charges £10 per match for use of his driveway. He started his side-hustle after he received a knock on the door from one football fan, who wanted to enquire about parking at his house. If you're planning to rent out a parking space or garage as part of a side hustle, keep in mind you must pay tax on any income earned over £1,000 a year. This is called your trading allowance. If you make above this amount, you may need to declare this to HMRC through self-assessment. There are many other reasons why you may need to fill out a self-assessment form, which include: Your income from renting out property was more than £2,500 You earned more than £2,500 in untaxed income, for example from tips or commission Your income from savings or investments was £10,000 or more before tax You need to pay Capital Gains Tax on profits from selling things like shares or a second home You're a director of a company (unless it was a non-profit organisation) Your income, or that of your partner, was over £60,000 and you're claiming Child Benefit You have income from abroad you need to pay tax on Your taxable income was over £100,000 You're a trustee of a trust or registered pension scheme Your state pension was more than your personal allowance, and your only source of income
