As the gold price continues to rise amid economic weakness and Middle Eastern unrest, see how Dubai is using gold to solve its obesity problem
Gold Is Not Just A Safe Haven For Your SIPP In Times Of Uncertainty, It's Used In Some Rather Bizarre Ways
The Importance Of Gold
Gold has just been recognised by the Financial Conduct Authority as a standard asset for SIPPs, arguably recognising its importance as a crucial hedge to any pension portfolio. Discover why you should consider holding Gold in your SIPP by clicking the button below.
Dubai Children Are Literally Worth Their Weight In Gold
In Dubai, all that glitters is often pure gold. But who’d have thought gold would become a weight loss incentive for children as young as two years old?
The Emirate’s growing obesity problem is illustrated by Dubai’s rise to sixth place for the world’s heaviest people. In a bid to encourage the young to eat a more healthy diet, Dubai families can register for a program named “Your Child Is Gold”. It offers 1 gram of free gold for every kilogram of weight lost. The Emirate is offering a special incentive of two grams per kilo if the participating family has children between the ages of 2 and 14.
Participants must register at one of several weigh-in sites so that health experts can measure their progress by the final weigh-in on 15 September.
Within the first day, 9,200 had enrolled. But this isn’t the first time Dubai has offered gold for weight loss. Last year, it paid a total of £762,340 in gold, so it’s not surprising that so far, three times the number of entrants have entered this year.
Whilst Dubai’s ruling body recognises its people’s affinity for gold has the ability to deliver a health benefit, it’s doubtful that such a weird and wonderful scheme would work in the UK. We’re familiar with ‘cash for gold’, but ‘fat for gold’ is probably a step too far.
A Gold Tax Avoidance Scheme That’s Not Worth Stomaching
Gold has always been part of the DNA of people from India. It’s not uncommon for them to go to extreme lengths to protect their wealth. But one chap took this far too far.
After complaining of severe stomach pains, an un-named 63-year old Indian man visited his local hospital to investigate the cause. Surgeons were stunned upon opening his stomach to find twelve 1oz gold bars. Apparently, he told hospital staff he’d accidentally swallowed a plastic bottle cap, to hide the real source of his discomfort. His motivation had been to smuggle the bars into India to avoid import duty. Unfortunately for him, doctors handed the gold to the police.
SIPP Gold Is Tax Free
Luckily, you don’t have to go to such lengths as that Indian man. Gold held in your SIPP is tax free.
You can learn all about SIPP gold, and how your SIPP can benefit from holding it, on the Gold page in our Members Area.
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Over time, charges can wipe out a huge part of your fund. We like AJ Bell because there are no set-up costs. If you hold passive funds, which is our preference, or shares, investment trusts, EFTs, gilts or bonds, you pay one small fixed fee no matter how large your fund. And when you come to draw your benefits either as occasional drawdown or UFPLS payments, there's a small charge for the whole year no matter how many times you access your money (many SIPP and SSAS providers charge more than this for each payment).
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