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: '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.
For further information contact: Hayley Dewar on: 01534 633962.
NOTES TO EDITOR
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GoldMoney is one of the world's leading providers of physical gold, silver, platinum and palladium for retail and corporate customers. Customers can trade and store precious metal online easily and securely, 24 hours a day.
GoldMoney has offices in London, Jersey and Hong Kong. It offers its customers storage facilities in Canada, Hong Kong, Singapore, Switzerland and the UK provided by the leading non-bank vault operators Brink's, Via Mat, Malca-Amit, G4S and Rhenus Logistics.
Historically gold has been an excellent way to preserve purchasing power over long periods of time. For example, today it takes almost the same amount of gold to buy a barrel of crude oil as it did 60 years ago which is in stark contrast to the price of oil in terms of national currencies such as the US dollar.
GoldMoney is regulated by the Jersey Financial Services Commission and complies with Jersey's anti-money laundering laws and regulations. GoldMoney has established industry-leading governance policies and procedures to protect customers' assets with independent audit reporting every 3 months by two leading audit firms.