Keeping an eye on costs and taxes even with gold – columns

In Germany alone there are almost 40 different types of tax, from the beer tax to the second home tax. For investors, taxation is often much more complicated than that; for example on dividends on foreign stocks.

It seems very strange which key figures are sometimes required before investors consciously decide on a financial product that is right for them. The businessman has always known that the profit is mostly in purchasing. But it is also increasingly important to focus on possible taxes. Many shareholders who focus on stocks with high dividends recently wondered again what, contrary to expectations, was ultimately booked into their custody account.

In this respect, it is also worth taking a look at different financial products and what tax legislation they are subject to. Which brings us to the topic.

Gold certificates represent a claim against the issuer for delivery of physical gold and reflect the current gold price. The profit from the sale of such certificates is not taxable if the issuer is obliged to use almost all of the capital made available to buy gold.

Investors in gold certificates are fine and can look forward to it. Profits from gold certificates as investment income do not have to be taxed. This also applies if, according to the terms and conditions of issue, the holder can demand the payment of the sales proceeds of the gold deposited for him instead of the delivery of the securitized gold when the bonds are canceled.

As a result, gold certificates in which gold is physically deposited are tax-free after the speculation period of one year from acquisition. This applies, for example, to “Gold Bullion Securities”, “Xetra-Gold” or “Euwax Gold II”.

However, the advantage of tax exemption on capital gains with a holding period of more than one year goes hand in hand with the disadvantage that any capital losses outside the one-year period cannot be assessed for tax purposes.

In any case, it is always worth asking about the respective taxation before buying any financial product. The profit is not just in purchasing.

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