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Gold in a SIPP or ISA

In a UK SIPP or SSAS, investment-grade gold bullion (at least 995 purity, in bars or wafers) is the one physical asset HMRC exempts from the taxable property charges; coins, silver and other physical items can trigger heavy tax charges. Physical metals cannot go in an ISA, but listed securities and qualifying funds can.

Facts checked 26 October 2026 · Not financial, legal or tax advice

SIPP and SSAS (member-directed registered pension schemes)

What is allowed: In an investment-regulated pension scheme, tangible moveable property is 'taxable property' and triggers tax charges. Investment-grade gold bullion is excepted: HMRC defines it as gold of at least 995 thousandths purity, in bar or wafer form, of a weight accepted by the bullion markets (SI 2006/1959). The exception covers bars and wafers only, so gold coins do not fall within it. Gold ETCs and other listed securities are not tangible property; HMRC says tax rules do not themselves restrict the types of asset a scheme can hold, but scheme rules and the provider decide what is offered.

Storage: HMRC defines the investment-grade gold bullion exception by purity, form and weight; the manual opened does not set out a storage rule. Assets of a pension scheme are held for the scheme, and HMRC will not rule in advance on specific investments.

Tax: Income from registered pension scheme investments is exempt from income tax, and gains are exempt from capital gains tax. If an investment-regulated scheme acquires taxable property, the cost is an unauthorised payment to the member. HMRC lists a 40% unauthorised payments charge, a possible 15% surcharge, and a scheme sanction charge on the administrator; there is also an annual charge based on the higher of actual income or 10% of the asset's deemed value, charged at 40%.

Watch out for:

  • Gold coins (for example sovereigns or Britannias) are not bars or wafers, so they do not meet HMRC's investment-grade gold bullion exception.
  • Silver, platinum and other physical metals have no exception and are taxable property in an investment-regulated scheme.
  • HMRC will not give a ruling on whether a specific proposed asset is tangible moveable property.
  • Holding taxable property can lead to charges on the member and on the scheme administrator.

Stocks and shares ISA (and Innovative Finance ISA)

What is allowed: Physical gold is not among the qualifying investments listed for a stocks and shares ISA; HMRC says the regulations list what can be held, not what cannot. Shares and securities officially listed or admitted to trading on a recognised stock exchange qualify, as do UK UCITS and recognised UCITS funds. HMRC's ISA manager guidance does not mention gold ETCs by name.

Storage: The ISA manager holds the investments; physical metal is not a qualifying holding.

Tax: No tax on interest, income or capital gains from investments in an ISA, and these do not need to be declared on a tax return. The annual allowance is £20,000 across all ISAs (tax year 6 April to 5 April).

Watch out for:

  • A product's ISA eligibility depends on its legal form (listed security or qualifying fund), not on its label.
Other countries: United States · Canada · Australia · all countries
See also: Tax on selling gold in the UK

FAQ

Can I hold gold in a SIPP?

HMRC excepts investment-grade gold bullion, meaning gold of at least 995 purity in bar or wafer form of a weight accepted by the bullion markets, from the taxable property rules. Other tangible moveable property is taxable property in an investment-regulated scheme.

Are gold coins allowed in a SIPP?

HMRC's exception covers gold in bar or wafer form only, so coins are not covered by it and would be tangible moveable property.

What happens if a SIPP buys taxable property?

The cost is an unauthorised payment to the member, with a 40% charge and a possible 15% surcharge, plus a scheme sanction charge on the administrator and an annual charge while it is held.

Sources (8)

General information from official sources, checked October 2026. Rules for retirement accounts are complex and change; check with your plan provider, a tax adviser or the tax authority before you invest. Not financial, legal or tax advice.