You just know that things are getting desperate when this happens:
Meloni’s government eyes Italian family gold in hunt for budget funds
Lawmakers propose scheme to encourage citizens to declare undocumented bullion and pay 12.5% tax on its value
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This is similar to what Franklin D. Roosevelt did when he took the U.S. off the gold standard in 1933.
A scheme to to encourage citizens to declare undocumented bullion and pay 12.5% tax on its value is equivalent to a scheme to encourage people to shift their gold from their safe deposit boxes to their safes at home.
The U.S. has a rough equivalent by declaring all gold (whether coins, jewelry, etc.) to be “collectibles” rather than investments. When sold the capital gain is taxed as ordinary income rather than a long-term capital gain. This tax rate can be much higher that 12.5%. But this is only when the item is sold.
Wendy
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Here in the UK certain gold coins are outside the tax system as they are regarded as money -
Buy gold Britannia coins from BullionByPost. Gold Britannia 1oz coins available at low margins ideal for investment. We are a fully authorised distributor of The Royal Mint. Gold Britannias are the official bullion coin of the UK, and are exempt from Capital Gains Tax due to their status as UK legal tender, as well as being VAT-free per UK/EU legislation. 1oz Gold Britannias are one of the most popular investment choices for UK investors, offering a great balance between value, flexibility and tax benefits.
As long as you avoid the trading in gold ‘badges’ which would render you liable to income tax/corporation tax you will be completely tax free.
Guess where most of my gold is 
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American Gold Eagles are legal tender with a face value that is recognized by the U.S. government, although their market value far exceeds this face value due to the price of gold. For example, a 1 oz Gold Eagle has a face value of $50 but is worth much more in the market, making its use in everyday transactions impractical.
Does the gold Britannia escape capital gains tax if it’s sold as a collectible coin (full gold value) or only if it’s used as legal tender at its much lower face value?
Wendy
It’s completely free of CGT (as is the Sovereign) whatever. As long as you are not deemed to be trading in the coins, as, for example, a coin dealer would be.
Here in the UK the courts, over many years, have come up with fairy good definitions of what is a trade:
BIM20000 - Meaning of trade: contents - HMRC internal manual - GOV.UK
Avoid that and you are OK - no tax whatsoever
As if I would sell my little yellow friends
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