ID and Cash Limits for Buying Gold in the UK

The UK has no legal cap on paying cash for gold, but a dealer may only take or pay out £10,000 or more in cash if it is registered with HMRC as a high value dealer, and it must then check your identity. Paying by card or bank transfer has no fixed ID threshold in law, and nothing is reported automatically: only suspicions.

Facts checked 31 October 2026 · Not financial, legal or tax advice

At a glance

Situation	Rule	Notes
Buying	ID check (customer due diligence) for cash payments of £10,000 or more, single or linked.	Only registered high value dealers may accept that much cash; many jewellers simply refuse it.
Paying cash	No legal cap.	The £10,000 figure replaced €10,000 under the 2026 amendments to the Money Laundering Regulations.
Selling	No national ID law for selling gold; payment in cash is allowed.	Gold and silver are excluded from the Scrap Metal Dealers Act, so its cash ban doesn't apply.
Reported	Suspicious activity reports to the National Crime Agency, at any amount.	No automatic report of large cash payments.

The rules in detail

A business that accepts or makes cash payments of £10,000 or more for goods must register with HMRC as a high value dealer (HVD) before taking such a payment. Cash means notes, coins and traveller's cheques, including cash paid into the dealer's bank account.
A registered HVD must carry out customer due diligence (identify and verify you) for an occasional cash transaction of £10,000 or more, whether in one payment or several linked payments, and at any amount if it suspects money laundering. Politically exposed persons get enhanced checks, including source of funds.
Instalments for one purchase count together, and HMRC treats a payment split into smaller amounts to stay under the threshold as a high value payment.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (SI 2026/621) converted the euro thresholds to sterling 1:1, so €10,000 became £10,000; most of the changes took effect on 30 June 2026.
Payments by card or bank transfer are outside the HVD rules: the law sets no amount at which a dealer must ask for ID, although dealers can ask under their own policies.
The EU's AML Regulation and its €10,000 cash cap from July 2027 don't apply in Great Britain.

When you sell

The Scrap Metal Dealers Act 2013 (with its cash-payment ban and ID checks) excludes gold, silver and any alloy that is 2% or more gold or silver by weight.
A buyer paying you £10,000 or more in cash must be a registered HVD and must identify you.
Buyers don't withhold tax; any Capital Gains Tax is yours to report.

Silver and travel

The HVD rules cover all goods, so silver is treated the same.
Cash of £10,000 or more must be declared when you travel between Great Britain and a country outside the UK. GOV.UK lists gold coins and bullion as declarable cash only for Northern Ireland, which follows the EU rules.

We found no rule in the Economic Crime acts (2022 and 2023) that changes ID or cash limits for an individual buying or selling gold. Many UK gold buyers ask for photo ID and proof of address when you sell, but this is their own policy, not a national law.

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Gold ID and Cash Limits in The UK: FAQ

Can I buy gold with cash in the UK?

Yes. There is no legal cap, but a dealer can only accept £10,000 or more in cash if it is registered with HMRC as a high value dealer, and it must then check your identity. Many dealers don't accept that much cash.

Do I need ID to buy gold in the UK?

Not by law for card or bank-transfer payments. For cash payments of £10,000 or more, single or linked, the dealer must identify and verify you.

Is the threshold €10,000 or £10,000?

£10,000. The 2026 amendments to the Money Laundering Regulations converted the old €10,000 threshold to £10,000 from 30 June 2026.

Sources (6)

General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.