Guide
Selling Inherited Gold Jewellery in the UK: Value, Tax & a Fair Price
Selling inherited jewellery is rarely just a financial decision. This guide covers the practical side gently — what it's worth, the tax position, and how not to be taken advantage of at a vulnerable moment.
Decide what to keep first
There's no rush. Scrap value is permanent — the gold isn't going anywhere — so keep anything with real sentimental meaning without feeling you "should" sell it. For the rest, knowing the value helps you decide calmly.
How inherited gold is valued
Buyers pay for the gold content, not the sentiment or the original craftsmanship. Sort by carat, weigh accurately, and check the melt value and realistic payout on our calculator. Antique or designer pieces may be worth more as jewellery than as scrap — get those appraised by an auction house or antique jeweller before melting anything irreversibly.
The tax position (usually nothing)
Two rules mean most inherited-jewellery sales carry no Capital Gains Tax. General information, not tax advice.
- Your "cost" is the probate value. When you inherit, your CGT base cost is the item's market value at the date of death — not what the deceased paid. So your taxable gain is only any rise since then, which is often small.
- The £6,000 chattels exemption. Sell a single item (or matching set) for £6,000 or less and any gain is CGT-exempt regardless. Most individual pieces clear this easily.
See our full gold & tax guide for the detail, including legal-tender coins (Sovereigns/Britannias) which are always CGT-exempt.
Don't get lowballed
Grief and unfamiliarity are exactly what an unscrupulous buyer counts on. Protect yourself:
- Never sell on the first quote. Know your melt value and realistic payout going in.
- Prefer reputable online refiners (insured, itemised, returnable) over doorstep or pop-up "we buy gold" buyers.
- Watch for the scams in our gold-selling scams guide.
- Get an appraisal for anything that might be collectable before scrapping it.
Take your time, know the number, and sell to someone who shows their working.
All figures are estimates of melt value, never offers. Not financial or tax advice.