A client came with a specific question: close a car loan with 736,000 roubles remaining. He had money in investment accounts — an unallocated metal account (UMA) holding gold and a brokerage account with equities. Could he just press “sell” and pay off the loan?
He could. But doing it without any thought would have cost him an unnecessary 96,000 roubles in personal income tax.
What was in the accounts
On the unallocated metal account (UMA) there was gold purchased three years and two months ago.
On the brokerage account — Sberbank equities with an average purchase price below the current market price (a profit position) and bonds with a small unrealised loss.
The task: sell assets to cover the loan and pay as little personal income tax (NDFL) as possible.
Why the order of sale matters
If you simply sell everything, you pay 13% NDFL on the difference between the purchase price and the sale price (the rate for annual income up to 2.4 million roubles). On a 736,000-rouble profit that is 95,600 roubles of unnecessary tax.
The choice of instruments and the order of sale change the picture entirely.
Step 1. Gold on the UMA — sell first
The gold on the UMA had been held for more than three years. Under Art. 217(17.1) of the Tax Code, income from the sale of property held for more than three years is exempt from personal income tax.
A UMA is treated as property under the Tax Code. The holding period runs from the date of purchase.
Sell the gold — receive the amount needed — NDFL: zero.
This covered the majority of the loan.
Step 2. Brokerage account — offset losses against gains
The remaining loan balance was covered with money from the brokerage account.
Here we applied tax-loss harvesting: we sold the Sberbank equities (at a profit) and simultaneously sold the loss-making bonds. Under the NDFL rules, losses on securities reduce the taxable base for the same calendar year.
Gain on equities minus loss on bonds = taxable base close to zero.
The broker calculates and withholds NDFL automatically — including this offset.
The result
| Asset | Amount | NDFL without planning | NDFL with planning |
|---|---|---|---|
| UMA gold (>3 years) | ~580,000 ₽ | ~75,400 ₽ | 0 ₽ |
| Sberbank equities (gain) | ~200,000 ₽ | 26,000 ₽ | ~5,000 ₽ (after loss offset) |
| Bonds (loss) | −80,000 ₽ | — | reduced the tax base |
| Total saved | — | — | ~96,000 ₽ |
Loan closed. Tax minimised.
When this works
The UMA approach applies when:
- gold (or silver, platinum) on the UMA has been held for at least three years;
- the amount is within the annual exemption limit or the three-year rule applies.
Tax-loss harvesting on the brokerage account works within the same calendar year: a 2025 loss cannot be directly offset against a 2026 gain — but losses can be carried forward to future periods (Art. 220.1 of the Tax Code).
If you have an IIS (Individual Investment Account) of Type A, there is an additional layer of deductions that creates yet another optimisation tool.
Questions to ask before selling investment assets
Before selling anything to pay off a loan, answer these:
- How long have you held the asset?
- Are there any loss positions you can sell simultaneously?
- Do you have an IIS, and which type?
- Will the proceeds push you above the annual income threshold for the 13% rate (2.4 million roubles in 2026)?
Answering these correctly can save tens of thousands of roubles — sometimes just from one conversation before pressing the “sell” button.
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Planning to pay off a loan using investment accounts? We will look at your specific situation and find the lowest-tax exit.