Buying gold in Wales
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 Wales 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 Wales is how dealers are regulated and other local rules, explained below.
Selling gold or jewellery to a dealer in Wales
The Scrap Metal Dealers Act 2013 (England and Wales) requires a council licence to deal in scrap metal, but section 21(7) says gold, silver and any alloy that is 2% or more gold or silver by weight are not scrap metal. So gold and silver buyers do not need a scrap metal licence. Jewellery sellers must follow the Hallmarking Act 1973, and businesses taking €10,000+ in cash must register with HMRC.
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
There is no assay office in Wales; Welsh makers use London, Birmingham, Sheffield or Edinburgh.
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 Wales
Most Welsh gold came from the Dolgellau gold belt in Snowdonia. Clogau produced about 81,000 of the 131,000 ounces mined there since 1800; large-scale work ended in 1911 and it was declared commercially exhausted in 1998. Gwynfynydd produced about 45,000 ounces between 1883 and 1998. No mines in the belt were operating in 2018. Welsh gold carries a large premium: a 2018 report said it can sell for three to five times the gold spot price. Royal wedding rings have used Welsh gold since 1923 (the Queen Mother), including Elizabeth II (1947), Charles (1981, 2005), William (2011) and Harry (2018).
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.