Tax
How Much Gold Can You Sell Without Paying Tax (or Telling HMRC)? UK 2026
Most people who sell old gold in the UK owe no tax at all — but the reasons why are widely misunderstood, and even big guides miss one of the most useful rules. Here's the honest picture. This is general information, not tax advice; confirm your own position with HMRC or an accountant.
1. Legal-tender coins are completely CGT-exempt
UK gold Sovereigns and Britannias (and other Royal Mint legal-tender coins) are exempt from Capital Gains Tax entirely, however much they've gained, because they're legal tender. Sell as many as you like — no CGT. This is the single biggest reason bullion buyers love them.
2. The £3,000 annual CGT allowance
For everything else (jewellery, bars, foreign coins), you only pay CGT on your total gains above the annual exempt amount — £3,000 for 2024/25 onward (frozen; verify the current figure before relying on it). "Gain" means sale price minus what you originally paid, not the whole sale price.
3. The £6,000 chattels exemption (the rule most guides skip)
This is the one goldcalculator.uk and others leave out. Jewellery is a chattel — tangible movable property. If you sell a single item (or a matching set) for £6,000 or less, any gain is CGT-exempt regardless of the £3,000 allowance. Above £6,000, "marginal relief" caps the taxable gain at 5⁄3 of the amount over £6,000, which often still wipes it out.
4. Jewellery usually sells at a loss anyway
Retail jewellery carries a big markup for craftsmanship and brand. Sell it for scrap years later and you'll typically get less than you paid — a loss, not a gain, so no CGT. Gains mainly arise on bullion and investment pieces bought near metal value.
5. "Telling HMRC" vs "showing ID" — two different things
These get conflated constantly:
- Reporting to HMRC is about tax. If you have no taxable gain, there's nothing to report. If you do, you report via Self Assessment or the CGT service.
- Showing ID to the dealer is about anti-money-laundering rules, not tax. Many UK gold buyers ask for photo ID and proof of address on larger transactions (often around the £5,000 mark, and for high-value cash deals). That's a legal obligation on them — and a sign you're dealing with a legitimate buyer, not a red flag.
Quick decision guide
- Selling Sovereigns/Britannias? → No CGT, full stop.
- Each item under £6,000? → Chattels-exempt.
- Total gains across the year under £3,000? → Within allowance.
- Selling jewellery for less than you paid? → A loss, no CGT.
- None of the above? → You may have CGT to declare — get advice.
Run your numbers on the gold calculator's CGT quick-check for a rough estimate (allowance editable, clearly labelled an estimate). Then value the actual sale with the realistic-payout slider.
All figures are estimates of melt value, never offers. Not financial or tax advice.