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I have some extra profit in my limited company in cash from last year. Legally can I buy gold in the name of the company from the profit?
The company can buy gold as an investment.
There is no tax relief for the purchase of the gold. Any change in the value of the gold at the company’s year end would be added or deducted from profit, but an increase in value would not create any tax payable and a decrease in value would not reduce tax.
Tax is only payable when the gold is sold and a profit made. If a loss is made on the sale then the loss will be set against other profits to reduce them.