Salaries Paid In Gold Now Under HMRC Scrutiny

close up of a person typing on a laptop

For a long time now, salaries that are paid in gold have been a completely legal ‘tax dodge’. However, HMRC has now said that this practice must stop, as it is immoral and a form of tax avoidance which cannot be allowed.
The decision was made by an expert panel who declared that the gold giving scheme was ‘abnormal and contrived’, and only ever in place in order to avoid paying tax – there could be no other reason when transferring money is so easy to do.
The particular scheme that was under scrutiny related to a company that had two directors. Both of these directors received around £150,000 in gold, but it was done in such a convoluted manner which involved an offshore trust and the purchase of assets that it sparked an interested with the authorities who looked deeper into it. The result was that this was deemed to be a clear case of tax avoidance.
It was thought that these payment in gold schemes had been ended in the 1990s, and so it was rather surprising to find another one that was so blatantly a ruse to avoid paying any tax. Now there will be renewed efforts to ensure that this sort of practice is completely stamped out.

Accountants across Yorkshire

Our accountants are based all around the Yorkshire region, although we work remotely with clients nationally. If you are looking for accounting services in Yorkshire, you can find out more here:

Contact Us

Please call or email to arrange your FREE consultation for any of our services.

Meet the Team

We’re a modern, friendly and proactive accountancy service.

team member artwork


Signup for our weekly business newsletter and special offers!

Let's discuss how we can help your business

Our goal is to remove as much time and stress from the accounting and bookkeeping side of your business so that you can focus on what matters more to you.