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The UK’s Royal Mint has decided to let pension investors buy gold bars to hold in tax-efficient self-invested personal pension (SIPP) schemes beginning today.
The bars will be stored in the Royal Mint’s vault, with prices fluctuating according to the live gold price.
UK citizens are also offered a choice of bullion, from Royal Mint Refinery 100g and 1kg bars, to Signature Gold — a service that allows customers to purchase and own a share of a 400 ounces gold bar.
These bars will be stored in the Royal Mint’s vault, with prices fluctuating according to the live gold price. They’ll re subject to a one per cent (plus VAT) storage charge.
The most expensive one is available at £28,286 ($41,131) and weighs 1kg.
Investors will not be able to opt for less expensive Royal Mint bullion coins to hold in their pensions because the products have not been authorized by HM Revenue & Customs (HRMC).
The move follows a 2014 decision by the Financial Conduct Authority (FCA) to add gold bullion to its list of “standard assets”.
For HRMC to recognize the gold, it must be a minimum of 99.5% pure. The Royal Mint’s gold bullion exceeds this, at a purity of 999.9%.
Comments
DerUnderpantzen
Almost one thousand percent eh? I should look into that…