Non-transfer treatment for conversion between gold and Electronic Gold Receipt preserves tax neutrality for such conversions. Amendments extend the permissible date for asset transfers in fund relocations and reference international financial services fund management regulations ... Summary
Non-transfer treatment for conversion between gold and Electronic Gold Receipt preserves tax neutrality for such conversions.
Amendments extend the permissible date for asset transfers in fund relocations and reference international financial services fund management regulations in the definition of resultant fund; they also add a non-transfer rule treating conversions between gold and Electronic Gold Receipts issued by a Vault Manager as not constituting a transfer for capital gains, with the relevant terms defined by reference to vault manager regulations, and both changes applying prospectively to specified assessment years.
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