How gold is priced in the UK
In the UK bullion is priced in pounds per troy ounce, while jewellery and scrap are valued per gram by carat — with 9 carat the most common for jewellery. The prices here are spot gold converted at today's GBP/USD rate.
VAT and Capital Gains Tax
Investment gold is VAT-free: bars of at least 995 fineness and qualifying coins (at least 900 fine, minted after 1800, legal tender, and sold for no more than 180% of their gold value). Jewellery carries 20% VAT.
UK legal-tender coins such as the Sovereign and Britannia are also exempt from Capital Gains Tax, because they count as sterling. Gold bars are subject to CGT (18% or 24%) above the annual allowance.
The London gold price
London is the centre of the global gold market: the LBMA Gold Price is set twice a day by ICE Benchmark Administration and is the reference for most of the world. UK dealers price coins and bars at spot plus their premium.
Hallmarks
Hallmarking is compulsory for gold items over 1 gram and is done by the four Assay Offices (London, Birmingham, Sheffield and Edinburgh). Legal fineness marks are 375 (9ct), 585 (14ct), 750 (18ct), 916 (22ct), 990 and 999.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.