Buying gold in Scotland
Gold has one price in pounds across the UK. Investment gold is VAT-free, and gains on sovereigns and Britannias are free of Capital Gains Tax. What differs in Scotland is how metal and second-hand dealers are licensed.
Gold has one national spot price in pounds sterling: the prices on this page are the same as on the gold price in the UK page. What differs in Scotland is how dealers are regulated and other local rules, explained below.
Selling gold or jewellery to a dealer in Scotland
Under the Civic Government (Scotland) Act 1982, councils license metal dealers, itinerant metal dealers and second-hand dealers. Unlike England and Wales, the Scottish definition of 'metal' covers any metal including precious metal, so a business buying old or broken gold or silver for scrap needs a metal dealer's licence. Since 1 September 2016 (Air Weapons and Licensing (Scotland) Act 2015) exemption warrants are abolished, metal dealers may pay only by non-transferable cheque or bank transfer (no cash), and must verify and record sellers' names and addresses and keep acquisition and disposal records for at least three years. From 2 October 2023, licence applicants must confirm awareness of HMRC tax information and renewal applicants must give an HMRC tax check code; penalties for unlicensed dealing were also raised. Councils also list jewellery as a category needing a second-hand dealer's licence.
A business that accepts cash payments of €10,000 or more (or the equivalent) for goods, in one payment or linked payments, must register with HMRC for money-laundering supervision first. There is no general cap on cash payments in the UK.
Cash rules and travelling with gold
Great Britain rules: declare £10,000 or more in cash when travelling to or from outside the UK; gold is not on the cash list.
Hallmarking and the assay offices
Edinburgh Assay Office (one of the four UK assay offices).
Under the Hallmarking Act 1973 it is an offence to describe an item as gold, silver, platinum or palladium when selling it unless it is hallmarked. Exempt are coins and items under 1 g of gold or palladium, 7.78 g of silver or 0.5 g of platinum. A hallmark has a sponsor's mark, an assay office mark and a fineness mark; the date letter is optional. Shops must display the British Hallmarking Council's dealer's notice.
Gold in Scotland
Cononish, about two miles south-west of Tyndrum, was promoted as Scotland's first commercial gold and silver mine. Scotgold began operations around December 2020 after a long redevelopment, but ramp-up was delayed; in July 2023 it began a review after disappointing production and in September 2023 suspended share trading.
VAT and tax on gold in the UK
Investment gold is exempt from VAT: bars or wafers of at least 995 fineness, and gold coins minted after 1800 that are at least 900 fine or legal tender in their country of origin and normally sell for no more than 180% of their gold value. Other gold, such as jewellery, is standard-rated at 20%. Non-investment gold coins sold as collectors' items may use the second-hand margin scheme.
Sovereigns minted from 1837 and Britannia gold coins count as UK sterling currency, so gains on them are free of Capital Gains Tax. Other bullion, such as gold bars and Krugerrands, is taxable in the normal way. Jewellery and other personal possessions are only taxed if sold for £6,000 or more, with marginal relief between £6,000 and £15,000. The annual exempt amount is £3,000, and CGT rates for individuals are 18% and 24%.
More: tax on selling gold in the UK.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.