Taxation of investments in gold

Depending on the type of investment, the taxation of gold investments held as private assets is subject to a conflict between Section 20 and Section 23 of the German Income Tax Act (EStG), which has led to numerous rulings by the Federal Fiscal Court in recent years. In its most recent decision of 12.04.2021 (VIII R 15/18), the Federal Fiscal Court dealt with the tax treatment of the capital gain of shares in so-called gold ETFs.