Buying silver in Scotland
Silver has one price in pounds across the UK. Silver carries 20% VAT everywhere in the UK. What differs in Scotland 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 Scotland is how dealers are regulated and other local rules, explained below.
Selling silver or jewellery to a dealer in Scotland
Under the Civic Government (Scotland) Act 1982, councils license metal dealers, itinerant metal dealers and second-hand dealers. Unlike England and Wales, the Scottish definition of 'metal' covers any metal including precious metal, so a business buying old or broken gold or silver for scrap needs a metal dealer's licence. Since 1 September 2016 (Air Weapons and Licensing (Scotland) Act 2015) exemption warrants are abolished, metal dealers may pay only by non-transferable cheque or bank transfer (no cash), and must verify and record sellers' names and addresses and keep acquisition and disposal records for at least three years. From 2 October 2023, licence applicants must confirm awareness of HMRC tax information and renewal applicants must give an HMRC tax check code; penalties for unlicensed dealing were also raised. Councils also list jewellery as a category needing a second-hand dealer's licence.
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
Edinburgh Assay Office (one of the four UK assay offices).
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.