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Tax on gold – 3 rules you should know about when selling

Published by Lars Mäki in category Articles on 16.11.2023
Gold price (XAU-SEK)
25870,30 SEK/oz
  
+ 385,30 SEK
Silver price (XAG-SEK)
336,83 SEK/oz
  
+ 19,50 SEK
Woman sits and calculates tax on gold

Investing in physical gold can be a brilliant part of your finances, but it’s important to be aware of tax on gold and the applicable rules. Therefore, tavex.se has highlighted 3 things you really should know when you sell your gold.

Investing in gold is popular in Sweden, and it’s important to be aware of the tax rules that apply.

Buying gold as a private person – tax benefits in Sweden

When you buy investment gold such as gold bars or coins in Sweden, it is not subject to VAT. This means that you do not have to pay tax on gold at the time of purchase.

Capital gains tax: You only need to pay tax on gold when you sell it and make a profit.

Rules and Taxes on Gold – 3 Things to Know

1. Investment gold is VAT exempt

Investment gold, such as gold bars and coins, is exempt from VAT to promote its role as a financial instrument and facilitate international trade. Since gold is often used to save money or as part of an investment portfolio, it would be unfair to add VAT, as investors already pay tax on profits from gold.

Not having VAT on investment gold also helps to keep gold trading smooth worldwide. This makes gold comparable to other investments like stocks and bonds, which also do not have VAT.

An image that visualizes tax on gold.

2. Gold bar tax – report profit when selling gold

Even though investment gold is not subject to VAT, you still need to pay tax on gold – if you sell your gold for more than you paid for it.

According to tax legislation, you must report and pay tax on gold sales when you make a profit. Therefore, it is important to keep good records of receipts and invoices that can prove your original purchase price of your investment gold to correctly calculate any capital gains tax and avoid the risk of paying too much.

You do not need to pay any tax at the time of purchasing gold, but it’s important to remember that the sale of gold must be declared and taxed according to the Capital Gains Taxation Act if a profit has been made.

3. If you don’t know the purchase price of your gold

If you don’t remember the purchase price or have the receipt for your investment gold or gold jewelry, here you can find information on how much tax you need to pay when you sell your gold.

If you have gold jewelry or other gold that you have used privately and now want to sell, but you don’t remember when you bought it and don’t have a receipt, there is an important rule to remember, which you can read more about in the link above: if you sell your gold and earn more than 50,000 kronor in a year, you must pay tax on what you earn over 50,000 kronor.

If you earn less than 50,000 kronor from selling your gold in a year, you do not have to pay any tax on the profit.

Gold tax – a smart investment?

Buying gold and then taxing on a potential profit may sound like a paradox due to the tax rules that apply to gold in Sweden, but gold is an investment that can grow over time without the immediate tax burden that many other investments carry.

By staying informed about the latest rules and guidelines, you can make well-informed decisions when you choose to invest in this shiny and valuable precious metal.

Here you can see a wide range of investment gold and the price Tavex offers at the moment.

Feel free to share your thoughts on gold tax in the comment section below!

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Gold price (XAU-SEK)
25870,30 SEK/oz
  
+ 385,30 SEK
Silver price (XAG-SEK)
336,83 SEK/oz
  
+ 19,50 SEK

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