Capital Gains Tax on gold in the UK

Published 10 Nov 2026 · GoldLive team

In the UK, sovereigns minted in 1837 or later and Britannia gold coins are treated by HMRC as sterling currency, so they are exempt from Capital Gains Tax. Gold bars and foreign coins such as Krugerrands are chargeable, so the form of the gold decides the answer.

The value above is a calculated international figure for the gold itself. Coins usually sell for more than their gold content, so do not read it as the price of a coin. You can see the full list of carats on the UK gold price page.

Are sovereigns and Britannias free of Capital Gains Tax?

HMRC's Capital Gains Manual says sovereigns minted in 1837 and later years and Britannia gold coins are currency, and that like all sterling currency they are exempt under section 21(1)(b) of the Taxation of Chargeable Gains Act 1992.

So if you bought gold sovereigns or gold Britannias and sold them at a profit, those coins are outside Capital Gains Tax. The Royal Mint gives the same reason, saying its bullion coins are exempt for UK residents because they are legal British currency.

The Royal Mint goes further than HMRC's page, and says all of its gold, silver and platinum bullion coins are exempt, naming the Queen's Beasts range as well. The HMRC page we opened names only sovereigns from 1837 and Britannia gold coins. If you hold other Royal Mint coins and the amount matters, ask a tax adviser.

What about other kinds of gold?

Asset	Capital Gains Tax treatment	Source
Sovereign minted 1837 or later	Exempt, sterling currency	HMRC CG78305
Britannia gold coin	Exempt, sterling currency	HMRC CG78305
Sovereign minted before 1837	Not currency, treated as a chattel	HMRC CG78305
Krugerrand and other foreign currency coins	Chargeable, and the chattels exemption does not apply	HMRC CG78305
Gold bars	Chargeable	Royal Mint
Jewellery	A personal possession, see below	GOV.UK

The pre-1837 sovereign catches people out. Although it is a sovereign, it is not legal tender and so it is not currency for this purpose.

Capital Gains Tax on selling gold jewellery

GOV.UK says you may have to pay Capital Gains Tax if you make a profit when you sell a personal possession for £6,000 or more. Jewellery is on the list of possessions it gives, along with coins and stamps. If you own the item jointly, GOV.UK says you are exempt on the first £6,000 of your share.

A heavy gold piece can pass that £6,000 sale price. Keep the original receipt if you have one, because the gain is measured against what you paid.

How much Capital Gains Tax would I pay?

For the 2026 to 2027 tax year, GOV.UK gives these rates for individuals.

If you are a	Rate on gains
Basic rate taxpayer, on gains inside the basic Income Tax band	18%
Basic rate taxpayer, on the part above the band	24%
Higher or additional rate taxpayer	24%

GOV.UK gives the Capital Gains Tax annual exempt amount for individuals as £3,000, so you pay nothing if your total gains for the year are under that amount.

Here is an example with round numbers. They are not today's prices. Suppose you buy a gold bar for £10,000, sell it for £15,000, have no other gains that year, and pay tax at the higher rate.

Step	Amount
Gain	£5,000
Less annual exempt amount	£3,000
Taxable gain	£2,000
Tax at 24%	£480

The same profit on Britannia gold coins would not be taxed, on HMRC's page. Other tax rules may still apply to you, so treat this as an illustration, not as advice.

How much gold is in a sovereign or Britannia?

The Royal Mint lists its Sovereign as 22 carat with a fineness of 916.67 and a gold content of 0.235 troy ounces, which is about 7.31 grams of pure gold. Its 1oz Britannia has a pure metal content of 1 troy ounce at 999.9 fine, with a face value of £100.

To estimate the gold value of a sovereign, multiply 7.31 by the 24ct value, which is 100.84 GBP per gram right now. Use the gold calculator for your own figures, or see the 22ct price page. A dealer's price for a coin will be above that figure, and a buy-back price is normally different.

The carat and hallmark details for jewellery are in our guide to the gold price per gram in the UK.

VAT is a separate question

Capital Gains Tax is about your profit when you sell. VAT is about the price when you buy. HMRC exempts investment gold coins that meet its criteria or appear on its list, and it exempts investment gold bars and wafers of at least 995 fineness. The Royal Mint says the gold Sovereign is exempt from VAT for private individuals who are not VAT registered.

These rules were checked on 10 November 2026. Tax rates change, and HMRC's manuals are guidance rather than law, so check GOV.UK or ask a tax adviser before you act. The method page explains what our gold figure includes.

Sources

Common questions

Do you pay Capital Gains Tax on gold sovereigns?

Not on sovereigns minted in 1837 or later, which HMRC treats as sterling currency and exempt. Pre-1837 sovereigns are different, and our price guide covers the value of the gold itself.

Are Britannia gold coins CGT free?

Yes. HMRC's Capital Gains Manual says Britannia gold coins are currency and exempt like all sterling currency. See the UK gold price page for the value of the gold.

Is there Capital Gains Tax on gold bars in the UK?

Yes. Gold bars are not currency, so a gain on them is chargeable, subject to the annual exempt amount. Use the gold calculator to work out their value.

Are Krugerrands exempt from Capital Gains Tax?

No. HMRC's manual says non-sterling coins such as Krugerrands are chargeable, and the chattels exemption does not apply to them. Use the gold calculator to estimate their gold value.

Do I pay tax on selling gold jewellery in the UK?

You may, if you make a profit on a personal possession sold for £6,000 or more, and GOV.UK lists jewellery among those possessions. See the UK gold price page for the value of the gold.