Silver seller guide
Do you pay tax when you sell silver in the UK? What HMRC requires, clearly explained
In most cases, the tax treatment of selling silver is straightforward. Here is 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
To receive your firm, itemised offer once your items arrive
100%
Of items returned free if you decline
Ready to get a valuation?
The short answer
Capital Gains Tax may apply to silver sales, but the annual exemption covers most personal sellers
In the UK, the profit from selling silver is subject to Capital Gains Tax (CGT). CGT is charged on the gain: the difference between what you received for the silver and what you originally paid for it, or its value when you inherited it. If you sell silver for less than you paid, there is no CGT to pay.
Because of the annual CGT exemption (the Annual Exempt Amount), most personal sellers pay no tax. For the 2026 to 2027 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. You usually do not need to report the sale to HMRC either, unless your total disposal proceeds for the year exceed £50,000, in which case HMRC requires you to report them even if your gains are within the allowance. Most personal silver sales, such as a bag of pre-decimal coins, a piece of silverware or inherited jewellery, will fall well within these limits.
UK legal tender silver coins issued by The Royal Mint are exempt from CGT, in the same way as UK gold legal tender. The exemption covers 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 main tax points for silver sellers
How it works
From first contact to payment
Request your free pack
We dispatch your free pack the next working day, with a prepaid Royal Mail Special Delivery label. There is no cost and no commitment.
Send your items
Pack your items in the packaging we supply and hand them in at a Post Office. They are insured up to £2,500 from then until they reach us. For items worth more, please contact us first.
Receive your offer
A firm, itemised offer arrives within 24 hours, with full documentation suitable for your personal tax records if you need it.
Get paid
If you accept before 3pm on a working day, you receive a same-day bank transfer. If you decline, we return every item free of charge, with 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 verify your identity as part of our anti-money-laundering checks, but this is not a tax disclosure. You are responsible for reporting any taxable gains, and any disposals HMRC requires you to report, 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 when you inherited it (the 'base cost'). If you sell it for the probate value or less, there is no CGT. Keep the probate documents as evidence of your base cost.
What records do I need to keep for HMRC?
Keep the offer letter from your buyer as evidence of the sale price, any record of what you originally paid, and records of any other capital disposals in the same tax year, so you can check your total gains against the annual exempt amount and your total proceeds against HMRC's £50,000 reporting threshold.
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, such as US Silver Eagles and Canadian Maple Leafs, are not.
I'm selling a large quantity of inherited silver. Should I get tax advice?
If your gain is likely to be more than the annual exempt amount (currently £3,000), we recommend speaking to a tax adviser or accountant before you sell. They can advise on timing, such as spreading sales across tax years, on offsetting losses and on the correct base cost.
Get started
Full written documentation for your records
Every offer letter from British Gold Exchange is a detailed, itemised document showing each piece with its weight, purity and price, suitable for your personal tax records.