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VAT Free Silver: Everything You Need to Know

The short answer to “Is VAT payable on gold and silver in the UK?” is yes and no. Whether you will pay VAT on your gold and silver investments depends on the type of investment products you purchase, along with various other factors such as whether you choose to take possession of your metals or place them in storage.

When your metal was minted, and its purity are key factors which influence whether you will pay VAT on your purchases. As a side note we can also offer Capital Gains Tax (CGT) free gold, read our recent blog to find out how to buy Capital Gains Tax (CGT) free gold.

When is VAT applied to gold and silver sales?

VAT is a tax applied to the price of products and services. Depending on the sector it can be applied at the point of production, distribution or sale. VAT is currently set at 20% in the UK. VAT is applied to gold and silver in certain scenarios, however in the following circumstances gold is VAT-free:

  • Gold Bars - gold bullion bars are exempt from VAT when they have a purity of .995 or more..995 fineness is the minimum standard for gold investment bars.
  • Gold Coins - gold coins are exempt from VAT if minted after 1800 and of a purity of equal to or greater than 900 parts per 1000; which is, or has been, legal tender in its country of origin; that is typically sold at a price that does not exceed 180% of the open market value of the gold contained in the coin.

VAT standards are set by HMRC, they can be referred to in VAT notice 701/21. You can find all our tax-free gold in one place, on this page CGT-free products are also listed, making it easier to get the best deal when buying gold to maximise your return on investment.

Our extensive range of VAT-free gold products is one of the largest available in the UK. Tax-free gold has a number of benefits in addition to saving you money on your investment. Financial advisors often recommend that investors build a diverse portfolio, including tax-free gold. The reason for this is that tax-free gold, especially in the form of gold coins and small bullion bars can easily be sold for profit quickly and conveniently.

Gold coins are constantly in demand from investors, so savvy buyers know that with tax-free gold in their portfolio there is ample opportunity to make profitable sales. The price of gold favourably compares to this point last year, on September 2nd 2021, gold was priced at £1,311.74 per troy ounce. At the time of writing, September 2nd 2022, gold is priced at £1,476.90 per troy ounce.

If you would like to balance your portfolio with tax-free gold, consider our best-selling tax-free gold products The Gold Sovereign Coin (Elizabeth II Pre Decimal) and The 2022 ¼ Ounce Gold Britannia Coin. Typically Gold Sovereign and Gold Britannia coins are our most popular tax-free gold items.

Secure storage options for slow-burn silver

Silver can also be purchased VAT-free. This precious metal is treated differently to gold in that VAT is applied at the point of consumer receipt. With silver purchases, investors can claim the full profits from the increase in their item’s value over the course of their ownership by holding their items in storage. To get maximum value out of a silver investment, investors should ensure not to claim the physical item at the point of sale. At the Gold Bullion Company we have a readymade solution for this very scenario.

When purchasing silver from the Gold Bullion Company, simply request that your item is held in storage for the entire duration of your ownership. Our secure silver storage facilities are LBMA approved and we offer the first six months of storage for free. The item remains in your ownership and you can choose to sell it at any time. Alternatively, if you wish to keep the item at home, or handle the sale yourself, we will return it to you within 2-3 business days. When you take possession of your silver you will be required to pay VAT, a vault handling fee and delivery charges.

If you wish to sell your items, we also offer a guaranteed buyback option. We will purchase any silver held in the vault with no handling fee. Simply give us a call and ask to speak with one of our storage specialists.

Explore our VAT-free silver products. Our top selling product is the 5 x 1KG SilverBarBundle. This silver bar bundle is VAT-free, and our 6 months free storage option is available, making this product a great addition to any investment portfolio, or an ideal start to investing in silver bullion.

The widest collection of tax-free gold and silver in the UK

STORAGE ONLY - 5 x 1 Kilogram Silver Bar Bundle - VAT FREE
Many of the gold bars, gold coins, silver bars and silver coins on our website are VAT free. Other items are CGT free. Explore our collection of VAT-free gold and VAT-free silver today.

There are many reasons to buy precious metals from The Gold Bullion Company. Our wide collection of precious metals can be browsed in complete confidence thanks to our secure payments system, we also offer secure and insured delivery for your peace of mind. Moreover, our website lists live gold and silver prices. This is highly valuable as it helps investors understand price movements when considering whether and when to buy gold.

Our independent and unbiased customer reviews speak volumes about the quality of our service, we have over 10,600 independent reviews from eKomi and Trustpilot, read them to see why we’re one of the most well respected names in the gold industry.

Our customer service team have received a 99.6% positive rating in independent reviews from over 10,600 customers, through our excellent pre-sales advice and post-purchase support.

We hope we have answered all your queries pertaining to how VAT is applied to precious metals. If you have any further questions, please feel free to contact us, or visit our office in Wolverhampton by appointment.

Article Last Updated: Monday, September 5, 2022