VAT on Gold

Investment gold is exempt from VAT in the United Kingdom. Coins or bars, British or foreign, one gram or one kilo — none of it carries VAT. This is why the price you see is the price you pay.

What counts as investment gold

The exemption is defined rather than assumed. Bars must be of a recognised weight and at least 995 thousandths pure. Coins must be at least 900 thousandths pure, minted after 1800, legal tender or formerly so in their country of origin, and sold at a price not far above their metal value.

Every piece in our catalogue meets these tests. Bullion coins and LBMA good delivery bars qualify comfortably.

What does not qualify

Gold jewellery carries VAT — it is a manufactured article, not investment gold. So do heavily collectable or proof coins sold well above their metal content, where the price reflects rarity rather than gold. And gold-plated items are not gold in any relevant sense.

Don't confuse it with CGT

These are two different exemptions and they cover different things.

VAT — applies to all investment gold, wherever it was struck. A Krugerrand is as VAT free as a Sovereign.

Capital Gains Tax — applies only to UK legal tender coins, and only for UK residents. A Krugerrand does not qualify; a Sovereign does.

A piece can be free of one and not the other. Every listing on this site states its position on both.

The comparison worth knowing

Silver carries VAT at the standard rate, which means a silver holding starts twenty per cent behind before the metal has done anything. It is one of several reasons this house deals in gold alone.

General information, not tax advice.