Do I pay tax on the uplift in my TallyMoney account?

The GBP value of your tally (1 tally = 1 milligram of physical gold) fluctuates in line with the live bullion purchase price of gold which has proven to increase in GBP value over time.  The uplift in the GBP value of your tally in your TallyMoney account is classified as a Capital Gain for tax purposes, and at the end of the tax year, the total Realised Capital Gains can be calculated.  Any Realised Capital Gains are subject to capital gains tax (CGT).  The tax advantage over a regular bank account is that interest you receive from a bank is subject to income tax at your income tax rate, on any amount above the tax-free threshold of £500 for higher-income taxpayers (£1,000 tax-free income threshold for those on the basic tax rate).  Whereas with tally, the uplift is a capital gain and therefore subject to CGT which is calculated at 24% (18% for basic rate taxpayers) on the crystalised uplift, subject to the capital gains tax-free threshold of £3,000 in a tax year.  For note, a capital gain is only ‘realised’ when you spend the tally or transfer it out of your TallyMoney account.  The uplift you may see on your tally balance is ‘unrealised’ and does not attract capital gains tax.