The flat-rate tax on Precious Metals is a tax applicable to the sale of jewelry, scrap metal, or gold or silver investment items. The amount of this tax varies according to the value and nature of the items to be sold. It is therefore important to consider this tax when you want to sell antique jewelry and gold coins!
Calculation of the Flat Tax on Precious Metals
Have you got your hands on a small fortune in damaged jewelry, or do you have old gold coins lying around in your drawers? Reselling these items will allow you to quickly acquire cash, in addition to avoiding storage costs. But beware: in some cases, the TFMP may apply to resale.
When must the TFMP be paid?
When selling jewelry or investment gold objects, you must pay the TFMP under certain conditions. This tax concerns exclusively residents or representatives of an association registered. Companies are taxed at the time of payment of income or corporation tax, through the taxation of their profits.
Here are the cases where you are liable for the TFMP:
• During a sale of a jewel composed or not of precious metals, when the jewel exceeds a value of 5000€.
• During a sale of investment objects such as coins or gold bars, without the condition of amount.
What is the amount of the TFMP?
The precious metals tax depends on the value of what you wish to sell.
• For one or more jewels in gold, silver, or platinum whose value is greater than €5,000, the TFMP is 6%.
• In the case of bare precious stones such as a diamond, the fixed tax on precious objects also amounts to 6% of the total amount of the sale.
Regarding gold or silver investment objects, the TFMP amounts to 11.5%: which is included in the calculation of this single flat-rate deduction, the contribution to social security contributions (CRDS) of 0.5%.
The TPV only applies to the capital gain made on resale, up to 36.2%. However, the tax rate is degressive and becomes nil after 22 years of a proven holding period.
In cases where you do not have proof of ownership, such as invoices, seals, deed of gift… The TFMP applies automatically.
In which cases should you choose the Flat Rate Tax on Precious Metals for your resale of gold?
If you want to sell your gold quickly after acquiring it, the TPV will be the most advantageous tax. For example, after an inheritance or to take advantage of a sharp rise in the price of gold, as in 2020.
On the other hand, if you have owned gold coins and bars for a certain number of years, and you have proof of purchase or dated transfer, the TPV will be more interesting thanks to its total abatement, after 22 years of detention. The type of tax regime you wish to apply is to be chosen at the time of the sale of the goods.
Benefit from a purchase of your precious goods in complete transparency in our Gold in Cash agencies: the expertise of our specialists will allow you to benefit from the most advantageous tax. Go to the agency nearest you, or on our website to sell your gold online.
