Tax on Selling Gold in the UK
Gold sovereigns and Britannias are free of Capital Gains Tax, because they are UK legal tender. Other gold (bars, Krugerrands and other foreign coins, jewellery) is taxed at 18% or 24% on gains above the £3,000 annual allowance; small items sold for £6,000 or less can be exempt as chattels, though HMRC says that exemption doesn't cover non-sterling coins.
Facts checked 26 October 2026 · Not financial, legal or tax advice
At a glance
| What you sell | How the gain is taxed | Notes |
|---|---|---|
| Gold sovereigns and Britannias | Exempt: UK legal tender (sovereigns from 1837). | Pre-1837 sovereigns are chattels, not currency. |
| Gold bars, foreign coins (e.g. Krugerrands), jewellery | CGT at 18% (within the basic-rate band) or 24%, above the £3,000 allowance. | Chattels exemption (£6,000) for jewellery; HMRC says not for non-sterling coins. |
| Silver | Same CGT rates; silver Britannias are legal tender coins. | Unconfirmed whether HMRC treats silver bars as chattels. |
| Investments in an ISA (e.g. gold ETCs) | No CGT. |
How gold gains are taxed
- CGT rates for individuals: 18% on gains within your unused basic-rate band, 24% above it (for disposals since 30 October 2024). The annual exempt amount is £3,000 (2026-27).
- Sterling currency is exempt: HMRC says gold sovereigns minted from 1837 and gold Britannias are currency, so gains on them are tax-free. They must be legal tender when bought or sold.
- Non-sterling coins such as Krugerrands are chargeable, and HMRC says the chattels exemption doesn't apply to them.
- Chattels (tangible movable items such as jewellery) are exempt if sold for £6,000 or less; between £6,000 and £15,000 the taxable gain is capped at 5/3 of the amount over £6,000. Sets sold to the same person count as one item.
- Gains on investments held in an ISA aren't subject to CGT.
Reporting
- If you're registered for Self Assessment, report gains when total sale proceeds were more than £50,000, even if the gains are under the allowance.
- Report on your Self Assessment return, or through the real-time CGT service by 31 December after the tax year.
Losses
- Capital losses reduce other capital gains and must be reported (within four years of the end of the tax year) before you can use them.
- For chattels sold for under £6,000, the allowable loss is worked out as if you'd sold for £6,000.
Tax on Selling Gold in the UK: FAQ
Do I pay tax on selling gold in the UK?
Not on gold sovereigns or Britannias, which are exempt as UK legal tender. On other gold (bars, foreign coins, jewellery), gains above the £3,000 annual allowance are taxed at 18% or 24%, though jewellery sold for £6,000 or less per item can be exempt as a chattel.
Are Krugerrands free of CGT?
No. HMRC treats non-sterling coins such as Krugerrands as chargeable assets, and says the chattels exemption doesn't apply to them.
When do I have to report gold sales to HMRC?
If you're in Self Assessment and your total proceeds from disposals in the year were over £50,000, or if you have tax to pay on a gain.
Sources (7)
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.