Silver in a SIPP or ISA
In a UK SIPP or SSAS, investment-grade gold bullion (at least 995 purity, in bars or wafers) is the one physical asset HMRC exempts from the taxable property charges; coins, silver and other physical items can trigger heavy tax charges. Physical metals cannot go in an ISA, but listed securities and qualifying funds can.
Facts checked 26 October 2026 · Not financial, legal or tax advice
SIPP and SSAS (member-directed registered pension schemes)
What is allowed: There is no exception for silver. HMRC describes tangible moveable property as things that can be touched and moved, and the only specified exception is investment-grade gold bullion, so physical silver held by an investment-regulated scheme would be taxable property. Silver held through listed securities is not tangible property.
Storage: HMRC defines the investment-grade gold bullion exception by purity, form and weight; the manual opened does not set out a storage rule. Assets of a pension scheme are held for the scheme, and HMRC will not rule in advance on specific investments.
Tax: Income from registered pension scheme investments is exempt from income tax, and gains are exempt from capital gains tax. If an investment-regulated scheme acquires taxable property, the cost is an unauthorised payment to the member. HMRC lists a 40% unauthorised payments charge, a possible 15% surcharge, and a scheme sanction charge on the administrator; there is also an annual charge based on the higher of actual income or 10% of the asset's deemed value, charged at 40%.
Watch out for:
- Gold coins (for example sovereigns or Britannias) are not bars or wafers, so they do not meet HMRC's investment-grade gold bullion exception.
- Silver, platinum and other physical metals have no exception and are taxable property in an investment-regulated scheme.
- HMRC will not give a ruling on whether a specific proposed asset is tangible moveable property.
- Holding taxable property can lead to charges on the member and on the scheme administrator.
Stocks and shares ISA (and Innovative Finance ISA)
What is allowed: Same as gold: physical silver is not a listed qualifying investment. Listed securities and UCITS funds can qualify if they meet the conditions in HMRC's guidance.
Storage: The ISA manager holds the investments; physical metal is not a qualifying holding.
Tax: No tax on interest, income or capital gains from investments in an ISA, and these do not need to be declared on a tax return. The annual allowance is £20,000 across all ISAs (tax year 6 April to 5 April).
Watch out for:
- A product's ISA eligibility depends on its legal form (listed security or qualifying fund), not on its label.
FAQ
Can I hold silver in a SIPP?
Not as physical metal without tax charges in an investment-regulated scheme such as most SIPPs: HMRC's only exception for tangible moveable property is investment-grade gold bullion, so physical silver is taxable property. Silver held through listed securities is not tangible property.
What happens if a SIPP buys taxable property?
The cost is an unauthorised payment to the member, with a 40% charge and a possible 15% surcharge, plus a scheme sanction charge on the administrator and an annual charge while it is held.
Sources (8)
- HMRC Pensions Tax Manual PTM125100: Investments: taxable property: tangible moveable property (updated 24 Aug 2026)
- abrdn Techzone: Pension investment options and restrictions (connected parties, employer-related investments and taxable property)
- HMRC Pensions Tax Manual PTM024400: Overview of pensions taxation: investments (updated 24 Aug 2026)
- HMRC Pensions Tax Manual PTM121000: Investments: essential principles (updated 9 Oct 2026)
- HMRC Pensions Tax Manual PTM125300: Investments: taxable property: direct holdings (updated 7 Aug 2026)
- GOV.UK: Stocks and shares investments for ISA managers (updated 6 Apr 2026)
- GOV.UK: Individual Savings Accounts (ISAs): how ISAs work
- HM Revenue & Customs policy paper: Tax treatment of cryptoasset Exchange Traded Notes (published 8 Oct 2025)
General information from official sources, checked October 2026. Rules for retirement accounts are complex and change; check with your plan provider, a tax adviser or the tax authority before you invest. Not financial, legal or tax advice.