Gold & Precious Metals Tax Accountants in London
Make every gold, silver and bullion transaction easier to account for, report and defend.
Gold bars, Sovereigns, Britannias, silver bullion and other precious metals can receive very different UK tax treatment. The form of the asset, its legal-tender status, purchase history, ownership structure and disposal activity can all affect the tax position.
Pearl Lemon Accountants provides precious metals tax accounting services for private investors, high-net-worth individuals, traders, bullion businesses and companies across London and the wider UK.
From Capital Gains Tax and investment gold VAT to Self Assessment, company reporting and cross-border holdings, we help establish what needs reporting, organise the supporting records and prepare the relevant calculations around your transactions.
Whether your holdings sit in a London vault, were purchased through Hatton Garden, came from the Royal Mint, or are held overseas, our specialists help put the accounting position in order before important transactions or HMRC deadlines arrive.
- £3,000 CGT Annual Allowance
- 20m+ oz Gold Cleared
- 200m+ oz Silver Cleared
- 2026 HMRC Gold List
Precious Metals Tax Services Built Around the Asset
Gold and silver taxation cannot be handled properly by treating every precious-metal holding as the same type of investment. We separate the asset, transaction, ownership and tax treatment so your records reflect what actually happened.
Capital Gains Tax on Gold & Bullion
Selling a gold bar is not necessarily treated in the same way as disposing of certain sterling legal-tender coins.
We review acquisition costs, disposal proceeds, allowable expenditure, available capital losses and the tax status of the asset before calculating the potential chargeable gain.
This is particularly important for investors holding a mixture of gold bars, Britannias, Sovereigns, Krugerrands, collectable coins and other bullion.
HMRC states that Sovereigns minted in 1837 or later and Britannia gold coins are sterling currency and are exempt from CGT under the relevant legislation. Non-sterling coins can receive different treatment.
Useful for:
• Private gold investors
• High-value disposals
• Mixed bullion portfolios
• Historic purchase records
• Self Assessment reporting
Outcome: A clearer calculation of which disposals may be taxable and which require different treatment.
Investment Gold VAT Accounting
VAT treatment can materially change the economics of a precious-metals transaction.
Qualifying investment gold is exempt from VAT, subject to specific HMRC conditions and rules around the option to tax. HMRC also maintains a published list of qualifying investment gold coins, most recently updated on 3 July 2026.
We help investors and businesses review:
• Investment gold purchases
• Gold bars and wafers
• Qualifying investment coins
• Dealer invoices
• Imports and exports
• VAT records
• Business transactions involving investment gold
This is especially useful for businesses handling high transaction values where an incorrect VAT classification can create sizeable accounting differences.
Outcome: Gold transactions recorded with the correct VAT treatment and supporting documentation.
Silver, Platinum & Palladium Tax Accounting
Gold receives special VAT treatment in circumstances where other precious metals may not.
We separately classify silver, platinum and palladium purchases and disposals rather than automatically applying the investment-gold rules.
For businesses, this can include review of the UK’s standard VAT framework, VAT registration position, purchase invoices, stock records and sales treatment. The standard UK VAT rate remains 20% for most goods and services.
For private investors, we focus on acquisition records, disposal values and potential chargeable gains.
Useful for:
• Silver bullion investors
• Multi-metal portfolios
• Precious-metal dealers
• Jewellery businesses
• Companies holding metal inventory
Outcome: Separate accounting records for each metal rather than one broad “precious metals” category.
Bullion Dealer & Precious Metals Business Accounting
A business buying and selling precious metals faces a different accounting workload from an individual holding bullion as an investment.
We support London and UK businesses with:
• Bookkeeping
• Stock and inventory accounting
• VAT records
• Corporation Tax
• Purchase and sales reconciliation
• Dealer transaction records
• Management accounts
• Year-end accounts
• Supplier and customer reconciliation
Where transactions involve large volumes of comparatively small movements, disciplined record-keeping becomes especially important.
Companies disposing of business assets may also need to account for chargeable gains through Corporation Tax depending on the circumstances.
Outcome: Cleaner records from purchase through stock movement, disposal and year-end reporting.
Cross-Border Gold & Bullion Reporting
Precious metals do not always remain in Britain.
An investor may live in London while holding bullion in Zurich, Dubai, Singapore or another overseas vault, or may acquire and dispose of metals through international dealers.
We assess the accounting information around:
• Overseas purchases
• Overseas storage
• Import and export records
• Foreign currencies
• Acquisition costs
• Disposal proceeds
• UK residence considerations
• Company ownership
• Supporting transaction documentation
HMRC maintains specific rules dealing with gold acquisitions, imports and exports, making documentation particularly important where physical metal moves between jurisdictions.
Outcome: One organised accounting record connecting the UK taxpayer to international precious-metal transactions.
Inherited, Gifted & Long-Held Precious Metals
Gold is often held for decades.
That means today’s owner may not have personally purchased the asset, may have inherited a collection, or may possess coins whose original paperwork is incomplete.
We help organise:
• Inherited gold records
• Probate valuations
• Gifts and transfers
• Historic purchase documents
• Mixed family collections
• Coin and bullion classifications
• Disposal calculations
• Supporting schedules for tax reporting
We also identify where further valuation or specialist tax review is required before figures are submitted.
This can be particularly valuable for families dealing with Sovereigns, jewellery, bullion or collectable coins accumulated over several generations.
Outcome: A documented starting point for assets that might otherwise be extremely difficult to report accurately.
Planning a Precious Metals Disposal?
Before selling a large bullion position, establish the tax treatment, available records and likely reporting obligations.
Trusted With High-Value Financial Records
Client feedback can show how detailed record organisation, precious-metals tax knowledge and clear communication support investors and trading businesses.
From our Chancery Lane base, we support investors, traders and precious-metal businesses across London’s principal financial and bullion districts.
Local Planning Note
London’s tax year does not stop for the calendar. If paperwork or planned transactions fall around Easter, Christmas, New Year or the August Bank Holiday, prepare records early rather than leaving important calculations until the final working days.
“Good records today make for a calmer January.”
Precious Metals Tax Problems, Shown in Numbers
£185,000 Mixed Gold Portfolio Classification
The Issue
The investor had accumulated physical gold through several UK dealers but held the records in separate invoices, emails and spreadsheets.
The Tax Question
Not every disposal should automatically be treated identically. Sovereigns minted from 1837 onwards and Britannia gold coins can qualify for the sterling-currency CGT exemption, while gold bars require separate consideration.
The Accounting Work
The portfolio would be separated by asset type, acquisition date, cost, dealer, quantity and disposal record. Potentially exempt sterling coins would be distinguished from bars and other coins before any gain calculation.
Instead of applying one CGT calculation to the entire £185,000 portfolio, each disposal category receives the appropriate review.
A cleaner asset register, documented acquisition costs and a clearer basis for preparing future disposal calculations.
320 Silver Transactions Brought Into One VAT Record
The Issue
Purchase invoices, customer sales and metal inventory had been recorded across multiple systems with inconsistent product descriptions.
The Accounting Risk
Investment-gold VAT treatment cannot simply be copied across to every precious metal. Qualifying investment gold receives specific VAT treatment, while other transactions require their own classification.
The Accounting Work
Transactions would be separated by metal, product category, purchase value, sale value and relevant VAT classification.
Dealer statements, bank transactions and accounting records would be reconciled against the stock ledger.
A single reporting structure linking each metal purchase to the relevant sale and accounting treatment.
£420,000 Cross-Border Bullion Record Rebuilt
The Issue
The portfolio was accumulated through multiple dealers and vault providers, with historic transactions held in three currencies.
The Reporting Challenge
Acquisition costs, disposal figures and overseas documentation needed bringing into one consistent UK accounting record.
The Accounting Work
Each purchase would be logged by date, metal, quantity, currency, sterling-equivalent accounting value and storage location.
Import, export and offshore-storage documentation would be retained alongside the tax working papers where relevant.
One portfolio schedule rather than separate dealer, vault and currency records.
Our process turns scattered purchase and disposal records into an organised accounting position.
Good precious-metals accounting starts by recognising that the word “gold” alone does not determine the tax treatment.
UK Precious Metals Tax & Market Figures
London remains one of the world’s principal centres for gold and silver activity, while UK tax rules create important distinctions between different types of bullion and coins.
| Figure | Current Position | Relevance |
|---|---|---|
| £3,000 | 2026/27 individual CGT Annual Exempt Amount | Relevant when calculating taxable capital gains. |
| £1,500 | 2026/27 standard trust CGT allowance | Relevant to precious metals held through trusts. |
| 20% | UK standard VAT rate | Applies to most goods/services unless another treatment applies. |
| VAT Exempt | Qualifying investment gold | Investment gold receives specific HMRC VAT treatment. |
| 20m+ oz | Average gold cleared daily in London | Demonstrates London’s bullion-market scale. |
| 200m+ oz | Average silver cleared daily in London | Shows the depth of London’s silver market. |
| 3 July 2026 | Latest HMRC investment-gold coin list update | Useful when checking qualifying investment coins. |
HMRC confirms the £3,000 individual CGT allowance for 2026/27, while the standard trust allowance is £1,500.
The standard UK VAT rate is 20%, but qualifying investment gold is specifically exempt from VAT subject to the relevant conditions.
LBMA reports that more than 20 million ounces of gold and more than 200 million ounces of silver are cleared on average each day in the London market.
HMRC’s investment gold coin list was last updated on 3 July 2026.
Precious Metals Tax FAQs
Post-Brexit, the tax landscape for precious metals in the UK has seen several changes. Investors and businesses must now navigate new VAT rules and customs duties that may affect the profitability and cost of trading in precious metals. It’s crucial to consult with a tax specialist who understands these shifts to ensure compliance and optimise your tax position.
Tax reporting for cross-border transactions can be complex, especially with precious metals. It involves understanding international tax agreements and the specific regulations of the countries involved. Our accountants can help ensure that your reports are accurate and that you benefit from any applicable tax treaties or exemptions.
Recent legislative changes have impacted how precious metals are taxed in the UK, particularly concerning investment gold. These changes aim to align with broader financial regulations and ensure the transparency of precious metal transactions. Staying informed through a professional service is vital to navigating these updates successfully and avoiding potential penalties.
Potentially. The answer depends on the type of gold being sold, the asset’s legal status, acquisition cost, disposal value and your wider capital gains position. Gold bars and certain coins can receive different treatment, so the asset should be classified before the gain is calculated.
HMRC states that Britannia gold coins are sterling currency and are exempt from CGT under the relevant sterling-currency rules. Keep purchase and disposal records even where an exemption is expected so the nature of the asset can be evidenced.
HMRC states that Sovereigns minted in 1837 and later years are currency and, as sterling currency, are exempt from CGT. Older or different coins can require another analysis.
Keep purchase invoices, dates, quantities, metal type, coin or bar description, dealer information, fees, payment records, storage information and disposal documents. For older portfolios, maintaining one central asset schedule can make future tax calculations considerably easier.
A company can face Corporation Tax and accounting consequences when it makes profits or chargeable gains from assets. The correct treatment depends on whether the metals form part of trading stock, investment holdings or another business asset category.
Know the Tax Position Before Your Next Bullion Transaction
A six-figure gold portfolio should not be reduced to a spreadsheet labelled simply “precious metals”.
The difference between a bar, Britannia, Sovereign, foreign coin, silver holding or business inventory can matter when the accounting and tax position is prepared.
Pearl Lemon Accountants works with investors and businesses across London and the wider UK to organise transaction records, calculate relevant tax figures and prepare reporting around precious-metal holdings.
Bring us your purchase invoices, dealer records, disposal history and current holdings. We will help establish what needs attention and where further tax work is required.
