Tell me more about this. I know I'm going to inherit a KR when my Gran passes away, but I'd probably sell it straight away (depending on the gold price).
Well. Uhm. I found 15 x 1oz KRs in a couple of my late father's safes after he passed away in 2024.
Afaik, they should be included in his estate for estate duties to apply to them. These coins would have bumped up his estate value another bar.
So I just took them. How would they know he had them?
If he had R4k of cash in his wallet upon death, I am not gonna let the powers that be, who are winding down the estate, know that he had R4k in his wallet. That would just be stupid. The same with his and my late mother's watches and jewelry. Nobody knows about the roughly R3bar's worth of watches and jewelry I now own. It's something you tell your wife and kids about so that they know. Nobody else needs to know.
I also have a gold necklace with a 1oz KR that was so fashionable at one stage for the ladies.
If I were to sell them now through one of the reputable big players in the market, I am not sure what the process would be, and if SARS would be notified.
You then obviously might have to declare the sale of your coins as income and pay the taxes on it.
Or not, there are a lot of "gold dealers" willing to take them off your hands with couch money or something of the sort...
Anyway, what I am trying to say is that keeping physical gold in a safe place that no one knows about except your family may help in bringing down the value of your estate and save on estate duties. How SARS then affects the sale of that gold by your family, I am not 100% sure of.
IMO I would not buy it through a platform or custodial service like FNB or whoever keeps your coins for you, because that way your holdings will come to light.
www.randrefinery.com
