Gold & Tax

Is Gold CGT Free in the UK?

Some gold is Capital Gains Tax free and some is not. The difference comes down to one thing: whether the coin is UK legal tender.

Last reviewed September 2026

Why UK coins are CGT exempt

Coins produced by The Royal Mint with a face value, such as the £100 one ounce Britannia and the Sovereign, are legal tender in the UK. In the eyes of the tax rules they are sterling currency, and sterling is not a chargeable asset for Capital Gains Tax. That means when a UK resident sells these coins at a profit, however large that profit is, no Capital Gains Tax is due on the gain.

What is not CGT free

Gold bars, and foreign coins such as the Krugerrand or the Maple Leaf, are chargeable assets. Gains on them count towards your annual Capital Gains Tax allowance, which is now just £3,000 per year. Above that, gains can be taxed. With the allowance this small, the exemption on UK legal tender coins has become one of the strongest practical reasons UK buyers choose Britannias and Sovereigns over bars.

What this means in practice

Imagine your coins rise substantially in value over the years you hold them. If they are Britannias or Sovereigns, every penny of that growth is yours to keep when you sell. There is nothing to report and no tax bill on the gain. The same growth in bars or foreign coins could leave a meaningful tax liability.

Read more: Are Britannias CGT free? · Are Sovereigns CGT free? · Is gold VAT free?

This page is general information, not tax, legal or financial advice. Tax treatment depends on your individual circumstances and tax rules can change. Please speak to a qualified adviser about your own position. The value of gold can go down as well as up.