Silver Seller Guide
Do you pay tax when you sell silver in the UK? What HMRC requires, clearly explained
The tax treatment of silver sales is straightforward in most cases. Here's what you need to know — and when to take professional advice.
Why British Gold Exchange
40+
Years in the precious metals business
£0
Cost to request your free insured postal pack
24h
Maximum time to receive your firm, itemised offer
100%
Of items returned free if you decline
Ready to get a valuation?
The short answer
Capital Gains Tax may apply to silver sales — the annual exemption covers most personal sellers
In the UK, the profit from selling silver is subject to Capital Gains Tax (CGT). CGT is calculated on the gain — the difference between what you received for the silver and what you originally paid for it (or its value at the time you inherited it). If you sell silver for less than you paid, there is no CGT liability.
The annual CGT exempt amount (called the Annual Exempt Amount) means most personal sellers will pay no tax. For the 2024–25 tax year, the exempt amount is £3,000. If your total capital gains across all disposals in a tax year are below this threshold, no CGT is due and you do not need to report the sale to HMRC. Most personal silver sales — a bag of pre-decimal coins, a piece of silverware, inherited jewellery — will fall well within this limit.
UK legal tender silver coins (Royal Mint UK-issued coins) are exempt from CGT in the same way as UK gold legal tender. This exemption applies to UK Britannia silver coins, UK Silver Proof issues and other Royal Mint legal-tender silver coins. It does not apply to foreign coins, bars or jewellery.
What affects it
The key tax factors for silver sellers
How it works
From first contact to payment
Request Your Free Pack
We post a fully insured, tracked Royal Mail freepost envelope. No cost, no commitment required.
Send Your Items
Use our supplied packaging and post your items. They are covered by our insurance from the moment you drop them at the post office.
Receive Your Offer
A firm, itemised offer arrives within 24 hours, with full documentation suitable for your personal tax records if required.
Get Paid
Accept and receive a same-day bank transfer. Decline and we return every item free of charge — no questions asked.
Common questions
Questions we hear most
Do you report my silver sale to HMRC?
No. We do not report individual sales to HMRC. We record your identity as required by the Scrap Metal Dealers Act 2013 (an anti-theft and money-laundering measure), but this is not a tax disclosure. You are responsible for reporting any taxable gains in your Self Assessment return.
I inherited silver — do I pay CGT when I sell it?
CGT applies to any gain above the probate value of the silver at the time of inheritance (the 'base cost'). If you sell it for the same value or less than the probate value, there is no CGT. Keep the probate documentation as evidence of your base cost.
What records do I need to keep for HMRC?
Keep the offer letter from your buyer (which serves as evidence of the sale price), any documentation of your original purchase cost, and records of other capital disposals in the same tax year to assess your total against the annual exempt amount.
Are UK silver Britannias CGT-exempt?
Yes. UK legal-tender silver coins issued by the Royal Mint — including Britannias — are exempt from CGT. Foreign silver coins (US Silver Eagles, Canadian Maple Leafs, etc.) are not exempt.
I'm selling a large quantity of inherited silver. Should I get tax advice?
If the gain is likely to exceed the annual exempt amount (currently £3,000), we recommend speaking to a tax adviser or accountant before selling. They can advise on timing (spreading sales across tax years), loss offsets and the correct base cost.
Get Started
We provide full written documentation for your records
Every offer letter from British Gold Exchange is a detailed, itemised document showing individual pieces, weights, purities and prices — suitable for personal tax records.