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The 30-day rule is an anti-avoidance provision that stops investors from selling an asset and immediately rebuying it to crystallise a gain for tax purposes - a practice known as “bed-and-breakfasting.” The rule doesn’t prevent you from doing this. It just removes the tax benefit: sell and rebuy within 30 days, and HMRC matches the transactions together so no disposal is recognised.
Understanding exactly how it works also shows you the legitimate routes around it - disposals that do crystallise gains and do reduce long-term CGT exposure over time.
At a glance: CGT strategies for gold
| Strategy | How it works | Risk of 30-day rule? |
|---|---|---|
| Sell and wait 31+ days, rebuy same product | Crystallises gain; new base cost on repurchase | No - gap exceeds 30 days |
| Sell and rebuy within 30 days | Gain matched to new purchase - no CGT crystallised | Yes - 30-day rule triggers |
| Sell gold bars, buy Sovereigns instead | Different asset class - 30-day rule doesn’t apply | No |
| Transfer to spouse before year-end | Spousal transfer at no-gain no-loss; spouse uses their allowance | No |
| Sell ETF outside ISA, rebuy inside ISA | Crystallises gain; future growth sheltered | No - different wrapper |
What is bed-and-breakfasting?
Bed-and-breakfasting refers to selling an asset, crystallising a gain or loss for tax purposes, and then immediately rebuying the same asset to “reset” the cost basis. The tax benefit is using the annual CGT exempt amount (£3,000 in 2026/27) to crystallise gains tax-free each year.
For most assets, HMRC’s 30-day matching rule prevents this. If you sell shares and rebuy the same shares within 30 days, the sale is matched against the new purchase - the intended disposal is denied.
How the 30-day rule applies to gold
The rule applies to “same day” and “30-day” matching. Specifically:
- Same-day rule: If you sell gold and buy the same gold on the same day, HMRC matches the sale with the same-day purchase. No disposal is recognised.
- 30-day rule: If you sell gold and buy the same type of gold within 30 calendar days, HMRC matches the sale against the acquisition in date order. Again, the disposal is largely nullified.
After 30 days, there is no matching restriction. A sale followed by a repurchase after 30 days is two separate transactions - the disposal is recognised, and the new purchase establishes a new cost basis.
What counts as “same type” of gold?
Gold is less precisely defined as an asset class than shares, which creates some useful flexibility. A BP share is a BP share - you can’t sell it and rebuy “a different oil company” to escape the rule. Gold products are less clearly bounded, and that matters for planning.
The general principle is that like-for-like products are matched:
- Selling a Gold Sovereign and rebuying a Gold Sovereign within 30 days: likely subject to matching
- Selling a 1oz gold bar and rebuying a different refinery’s 1oz gold bar within 30 days: more complex - both are 1oz gold bars, so a cautious interpretation applies
- Selling a Maple Leaf and rebuying a Krugerrand within 30 days: different coins with different CGT treatment - may not trigger matching
In practice, for taxable gold products (bars, foreign coins), the safest approach is simply to wait 30 days before rebuying.
Note: Sovereigns and Britannias are irrelevant here
If you hold Gold Sovereigns or Britannias, the 30-day rule has no practical relevance - these are CGT-exempt, so there’s no taxable gain to crystallise in the first place. You can sell and rebuy Sovereigns the next day without any CGT implications.
The 30-day rule matters for investors holding taxable gold products - bars, foreign coins, gold ETCs outside a tax wrapper.
Using the 30-day gap to crystallise gains legitimately
Strategy for investors with unrealised gains in taxable gold products:
Step 1: Sell the gold position before 5 April (end of tax year) Step 2: Wait at least 31 days Step 3: Rebuy the same or equivalent product
The gain from Step 1 is recognised in the tax year of sale. If it falls within the £3,000 annual exempt amount, no tax is owed. The new purchase in Step 3 resets the cost basis to current market value.
Over time, this strategy systematically reduces embedded taxable gains in a portfolio, using the annual exempt amount each year.
The risk: Gold prices may move during the 30-day gap. If gold rises sharply, you will rebuy at a higher price. If it falls, you buy back cheaper but your crystallised gain may be followed by a fresh unrealised loss.
Alternative: spouse/civil partner transfer
A disposal to a spouse or civil partner is treated as no-gain, no-loss for CGT - the spouse inherits the original cost basis. If the spouse has unused annual exempt amount, they can then sell and crystallise the gain tax-free.
This avoids the 30-day waiting period and the price movement risk. It requires that the spouse genuinely takes ownership of the asset, not just a nominal transfer.
Sequence:
- Transfer gold to spouse (no CGT event)
- Spouse sells using their annual exempt amount (£3,000 in 2026/27)
- Either party rebuys - immediately, if desired, since the spouse’s original disposal is not subject to the 30-day rule for your own rebuy
For gold ETCs outside an ISA
The 30-day rule works the same way for gold ETCs held in a general investment account. The simplest legal alternative to bed-and-breakfasting ETCs is the “bed-and-ISA” strategy:
- Sell the ETC in the general account (crystallising the gain)
- Buy the same ETC in a Stocks and Shares ISA immediately (no 30-day restriction since the ISA is a different “person” for tax purposes)
All future gains on the ISA-held ETC are tax-free. This is the cleanest way to shift embedded gains into a tax wrapper.
Tax and regulation
The 30-day matching rules are in Sections 105–107 of the Taxation of Chargeable Gains Act 1992. HMRC guidance on share identification rules applies to most chargeable assets including gold.
The annual CGT exempt amount is £3,000 in 2026/27. This is the amount of gains you can crystallise tax-free each year.
This guide contains factual information only and does not constitute financial or tax advice. For complex gold portfolios, professional tax advice is worth the cost.
Frequently asked questions
Does the 30-day rule apply to Gold Sovereigns? No - Sovereigns are CGT-exempt. There is no taxable gain to recognise, so the 30-day anti-avoidance provisions have nothing to act on.
Can I sell gold bars and rebuy immediately? Selling and rebuying the same type of taxable gold product within 30 days means the sale is matched against the repurchase and the disposal is largely denied. Wait 31+ days to establish a clean disposal.
What happens if I accidentally trigger the 30-day rule? The matching rules apply automatically. The disposal is matched against the subsequent acquisition, typically reducing or eliminating the gain you intended to crystallise. This does not create a penalty - it just means the gain is not recognised as you planned.