Owning gold in the UK does not have to be declared to HMRC. You report to HMRC when you sell gold that is subject to Capital Gains Tax and your gains exceed the annual exempt amount, or your total sale proceeds exceed £50,000. When travelling, you must declare cash of £10,000 or more entering or leaving Great Britain, and on journeys to or from Northern Ireland the cash rules also cover gold coins and bullion.
Owning gold: nothing to declare
There is no register of privately held gold and no annual tax on owning it. You do not need to tell HMRC when you buy a bar or a coin, and gold you simply hold does not go on your tax return. That is the same whether you keep it at home, in a safe deposit box or in a dealer’s vault.
Gold does count for Inheritance Tax. When someone dies, their executors must include gold and silver in the value of the estate, and this applies to Sovereigns and Britannias too, even though they are exempt from Capital Gains Tax.
Buying: ID checks and cash
The buyer does not file anything, but dealers have duties under the money laundering regulations. They commonly ask for photo ID and proof of address, and may ask where the money came from for larger purchases. There is no general legal cap on cash payments between individuals in the UK, but a business must register with HMRC as a high value dealer before it can accept or make cash payments of €10,000 or more (or the equivalent), and payments split into smaller amounts to stay under that figure are counted together. Many dealers therefore accept large orders only by bank transfer.
Selling: when HMRC needs to know
Sales of gold that is exempt from Capital Gains Tax – Sovereigns and Britannias, which are UK legal tender – do not create a gain to report. For chargeable gold, such as bars and Krugerrands, the rules are:
- Gains above the annual exempt amount (£3,000 in 2026/27) must be reported and the tax paid, at 18% or 24%.
- Proceeds over £50,000. If you are in Self Assessment, you must report disposals where your total proceeds for the year are more than £50,000, even if the gains are within the exempt amount.
- How to report. Through your Self Assessment return, or, if you do not normally file one, through HMRC’s real-time Capital Gains Tax service.
- Jewellery is a chattel: a gain on an item or set sold for £6,000 or less is generally exempt.
Keep purchase invoices: they prove what you paid and reduce the taxable gain. You can check what your holdings are worth today with our gold calculator and UK gold prices.
Giving gold away
A gift of gold can have tax consequences even though no money changes hands. Giving chargeable gold, such as bars or Krugerrands, to anyone other than your spouse or civil partner counts as a disposal at market value for Capital Gains Tax, so a gain may need to be reported. For Inheritance Tax, most gifts to individuals become exempt if you live for seven years after making them; if you die sooner, they may be counted in your estate. Keep a note of the date, the items and their value at the time of the gift.
Travelling with gold
| Journey | What must be declared | Gold |
|---|---|---|
| Between Great Britain and any country outside the UK | Cash (banknotes, coins and bearer-negotiable instruments such as traveller’s cheques) of £10,000 or more | Gold coins and bullion are not on the list of cash for Great Britain |
| Between Northern Ireland and any country outside the UK | Cash of €10,000 or more | Gold coins (90%+ gold) and bullion (99.5%+) count as cash |
| Bringing goods bought abroad into Great Britain | Goods above your personal allowance | Investment gold is exempt from import VAT; silver and jewellery can attract import VAT and duty |
You can declare cash online or by phone before travelling, or at customs. Families or groups travelling together are counted together. If you fail to declare, customs can seize all the cash you carry, and you may have to pay a penalty of up to £5,000 to get it back. Remember that the destination country has its own rules: in the European Union, gold coins and bullion count as cash, and amounts of €10,000 or more must be declared on entering or leaving the EU.
Posting gold abroad or receiving it
Sending gold by post or courier is not covered by the traveller cash rules, but it is an export or import of goods. Shipments into the UK from abroad go through customs, and the courier usually completes the declaration on your behalf using the seller’s invoice. Investment gold is exempt from import VAT under HMRC Notice 701/21; silver and jewellery are not. Shipments within the UK need no declaration, but insurers and carriers may limit what they will cover.
Bottom line
Simply owning gold in the UK is not declared to HMRC. Gains on chargeable gold are reported when they exceed the £3,000 annual exempt amount or proceeds exceed £50,000; Sovereigns and Britannias are exempt. Cash of £10,000 or more must be declared when entering or leaving Great Britain, and gold coins and bullion also count as cash on journeys to or from Northern Ireland and in the EU. Gold is part of your estate for Inheritance Tax.
Sources: GOV.UK: Take cash in and out of the UK · GOV.UK: Capital Gains Tax · HMRC: high value dealer registration · HMRC VAT Notice 701/21
This is general information, not tax or investment advice.
Frequently asked questions
Do I have to tell HMRC I own gold?
No. Owning gold is not declared to HMRC. You report only when you sell chargeable gold and your gains or proceeds exceed the reporting limits.
Do I have to declare gold at UK customs?
For journeys between Great Britain and abroad, the £10,000 cash declaration covers notes, coins and similar instruments, not gold bullion. For Northern Ireland, gold coins and bullion count as cash at €10,000 or more. Goods bought abroad above your allowance must be declared.
Do I need to report selling gold Sovereigns?
No. Sovereigns and Britannias are UK legal tender and exempt from Capital Gains Tax, so their sale does not create a gain to report.
Is there a limit on paying cash for gold in the UK?
There is no general legal cap, but dealers must register with HMRC as high value dealers before accepting cash payments of €10,000 or more, so many accept large orders only by bank transfer.
