Tax on Selling Gold in South Africa
Gold coins and bars held as an investment are normally capital assets: 40% of your net gain above the annual exclusion of R50,000 is added to taxable income, for a maximum effective rate of 18%. If SARS sees your buying and selling as a profit-making scheme, the whole profit is ordinary income taxed at up to 45%. Jewellery for personal use is excluded from CGT, but Krugerrands are not.
Facts checked 30 October 2026 · Not financial, legal or tax advice
At a glance
| What you sell | How the gain is taxed | Notes |
|---|---|---|
| Krugerrands and other gold or platinum bullion coins | CGT: 40% of the gain taxed at your marginal rate (18% maximum effective). | Not personal-use assets, because their value is mainly metal. |
| Gold bars | CGT at the same rates. | Ordinary income (up to 45%) if bought to resell at a profit. |
| Gold jewellery for personal use | Excluded as a personal-use asset. | Losses are excluded too. |
| Proof or collector coins worth mainly more than their metal | Can be excluded as part of a personal coin collection. | "Mainly" means more than 50% of value. |
| Silver | Same CGT rules. | The coin carve-out names only gold and platinum coins. |
How gold gains are taxed
- Capital or revenue: SARS decides on the facts, including your intention when you bought and the pattern of your dealings. If the gold was bought to resell at a profit, the whole gain is ordinary income taxed at up to 45%. You carry the onus, so keep purchase invoices, bank records and sale confirmations.
- CGT: your net capital gains for the year, less the R50,000 annual exclusion, are multiplied by 40% and added to taxable income. With marginal rates of 18% to 45%, the effective rate is 0% to 18%. The exclusion rose from R40,000 for the year of assessment starting 1 March 2026 (the 2027 year); it is R440,000 in the year of death.
- The CGT definition of asset excludes currency but includes any coin made mainly from gold or platinum, so Krugerrands are taxable even though they are legal tender.
- Personal-use assets (used mainly for non-trade purposes) are excluded. SARS gives jewellery and coin collections as examples, but excludes gold or platinum coins whose value comes mainly from their metal content.
- For gold held before 1 October 2001, SARS publishes Krugerrand prices on that valuation date for working out base cost.
Reporting
- Declare capital gains and losses in the capital gains section of your ITR12 income tax return; revenue gains go in as other income.
- Be ready to show when and why you bought, what you paid and what you received.
Losses
- Capital losses offset capital gains; the R50,000 exclusion also reduces a net loss, and the rest carries forward as an assessed capital loss. It can't be set against salary or other ordinary income.
- Losses on personal-use assets such as jewellery are disregarded.
Tax on Selling Gold in South Africa: FAQ
Do you pay tax on selling Krugerrands in South Africa?
Yes. Krugerrands are CGT assets even though they are legal tender. If held as an investment, 40% of the gain above the R50,000 annual exclusion is taxed at your marginal rate, a maximum of 18%. If you bought them to resell at a profit, the gain is ordinary income taxed at up to 45%.
What is the CGT annual exclusion in South Africa?
R50,000 for individuals for the year from 1 March 2026 to 28 February 2027, up from R40,000. It applies to your total net capital gain or loss for the year.
Is there CGT on selling gold jewellery in South Africa?
Not if it was for personal use. Jewellery is a personal-use asset, so gains and losses on it are disregarded for CGT.
Sources (6)
General information about the rules for individual investors, checked October 2026. Tax depends on your circumstances and residence; check with the tax authority or an adviser. Not tax advice.