Buying silver in England
Silver has one price in pounds across the UK. Silver carries 20% VAT everywhere in the UK. What differs in England is how metal and second-hand dealers are licensed.
Silver has one national spot price in pounds sterling: the prices on this page are the same as on the silver price in the UK page. What differs in England is how dealers are regulated and other local rules, explained below.
Selling silver or jewellery to a dealer in England
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 silver
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
England has three of the four UK assay offices: London (Goldsmiths' Hall), Birmingham and Sheffield.
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.
VAT and tax on silver in the UK
There is no VAT exemption for silver: silver bars, coins and jewellery are standard-rated at 20%, so investment silver costs noticeably more in the UK than in countries that exempt it.
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 silver in the UK.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.