Tax on Selling Silver in the UK
Silver bars and foreign silver coins are subject to Capital Gains Tax at 18% or 24% on gains above the £3,000 annual allowance. Small items sold for £6,000 or less can be exempt as chattels (HMRC says not non-sterling coins). Sterling currency is exempt; HMRC names gold sovereigns and gold Britannias, and silver Britannias are also UK legal tender.
Facts checked 26 October 2026 · Not financial, legal or tax advice
At a glance
| What you sell | How the gain is taxed | Notes |
|---|---|---|
| Silver | Same CGT rates; silver Britannias are legal tender coins. | Unconfirmed whether HMRC treats silver bars as chattels. |
| Gold sovereigns and Britannias | Exempt: UK legal tender (sovereigns from 1837). | Pre-1837 sovereigns are chattels, not currency. |
| Gold bars, foreign coins (e.g. Krugerrands), jewellery | CGT at 18% (within the basic-rate band) or 24%, above the £3,000 allowance. | Chattels exemption (£6,000) for jewellery; HMRC says not for non-sterling coins. |
| Investments in an ISA (e.g. gold ETCs) | No CGT. |
How silver gains are taxed
- CGT rates for individuals: 18% on gains within your unused basic-rate band, 24% above it. The annual exempt amount is £3,000 (2026-27).
- Sterling currency is exempt from CGT. HMRC's manual names gold sovereigns and gold Britannias; silver Britannias are also legal tender coins, but HMRC's guidance we reviewed doesn't mention them by name.
- Non-sterling coins (for example silver Maple Leafs or Eagles) are chargeable, and HMRC says the chattels exemption doesn't apply to non-sterling coins.
- Chattels such as silverware are exempt if sold for £6,000 or less; between £6,000 and £15,000 the taxable gain is capped at 5/3 of the amount over £6,000. Whether HMRC treats silver bars as chattels wasn't confirmed.
- Gains on investments held in an ISA aren't subject to CGT.
Reporting
- If you're registered for Self Assessment, report gains when total sale proceeds were more than £50,000, even if the gains are under the allowance.
- Report on your Self Assessment return, or through the real-time CGT service by 31 December after the tax year.
Losses
- Capital losses reduce other capital gains and must be reported (within four years of the end of the tax year) before you can use them.
- For chattels sold for under £6,000, the allowable loss is worked out as if you'd sold for £6,000.
Tax on Selling Silver in the UK: FAQ
Do I pay tax on selling silver in the UK?
Not on gold sovereigns or Britannias, which are exempt as UK legal tender. On other gold (bars, foreign coins, jewellery), gains above the £3,000 annual allowance are taxed at 18% or 24%, though jewellery sold for £6,000 or less per item can be exempt as a chattel.
When do I have to report silver sales to HMRC?
If you're in Self Assessment and your total proceeds from disposals in the year were over £50,000, or if you have tax to pay on a gain.
Sources (7)
General information about the rules for individual investors, checked October 2026. Tax depends on your circumstances and residence; check with the tax authority or an adviser. Not tax advice.