Gold has now been included among the list of approved investments for certain types of tax efficient pension schemes in Jersey.
The Jersey Comptroller of Income Tax has approved the inclusion of gold bullion as part of Retirement Annuity Trust Schemes (RATs). Up until now only cash, securities or financial instruments traded on a recognised stock exchange, and units in collective investment funds, were able to be included in the RAT pension schemes.
GoldMoney’s Head of European Business Development, Martyn White, said the move was a big vote of confidence for gold.
He said: "We know from our clients that there are already many people who buy gold as part of their retirement planning, but now that it can be officially included in a pension scheme in Jersey it will allow people to take advantage of the various tax efficiencies on offer. Only investment grade gold bullion purchased through a regulated gold bullion company, and stored in independent, fully insured allocated storage, can be used. GoldMoney fits all of these criteria, and we are now working with local RAT scheme pension providers to develop this offering."
The RAT scheme is a Jersey trust arrangement which allows for pension contributions to be administered on behalf of a local resident by a trust company. Contributions can be funded from the individual, an employer or a combination of both. Full tax relief is available on contributions up to an agreed limit.
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