UK Capital Gains Tax (CGT) currently bites profits on most assets when you sell. Investment gold bars are taxable. Foreign bullion coins are taxable. But legal-tender UK coins are not — and that exemption shapes a huge slice of the British retail bullion market.

Which coins are CGT-free?

HMRC treats any coin that’s legal tender in the United Kingdom as currency, not as a chargeable asset. Profits on disposal are outside the scope of CGT for UK residents.

The practical list:

  • Gold Sovereign (and Half, Quarter, Double, Five Sovereigns) — legal tender in face value, £1 onwards.
  • Britannia (gold, silver, platinum, palladium — all sizes) — legal tender in face value, £2 / £25 / £50 / £100.
  • Lunar series Britannias from The Royal Mint.
  • Queen’s Beasts series.
  • Tudor Beasts series.
  • Any other Royal Mint bullion coin denominated with a UK face value.

What’s not CGT-free:

  • Foreign bullion coins — Krugerrand, American Eagle, Maple Leaf, Vienna Philharmonic, Kangaroo, Panda. These are legal tender in their own country, not the UK.
  • Gold bars (any brand, any size).
  • Silver bars and Combibars.
  • Numismatic coins not in standard bullion form (some pre-decimal coinage may have different treatment — get advice).

Browse Sovereigns → · Britannia 1oz Gold →

What CGT-free actually saves you

CGT rates depend on your income tax band, but for most retail investors:

  • 18% on gains within the basic-rate band, or
  • 24% above the basic-rate band (rates correct as of mid-2025; verify against HMRC’s current guidance before transacting).

There’s also the annual exempt amount (£3,000 for 2024/25 — historically £12,300 only a few years ago, so worth checking when you sell).

On a £20,000 gain, the difference between paying 24% CGT (£4,800) and paying nothing on a CGT-exempt Sovereign holding can be thousands of pounds. For larger holdings the effect dwarfs the modest extra premium a Sovereign costs over a generic 1oz gold bar.

The trade-off

Sovereigns and Britannias carry a higher dealer premium than equivalent gold bars (typically 4–6% versus 1.5–3% on a 1kg bar). The CGT-free wrapper has to justify that extra premium.

Rough rule of thumb:

If you expect to hold long enough that the gain will exceed your CGT allowance, the CGT-free coin almost always beats the gold bar in net-of-tax return.

See the live spot value on each coin and bar page — Britannia 1oz Gold, Royal Mint Britannia 1oz gold bar and Gold Sovereign.

Silver Britannias and the silver “double whammy”

A Silver Britannia is both CGT-free and subject to 20% VAT. The CGT exemption helps on the way out; the VAT hurts on the way in. For long-hold silver investors, the maths can still work — but verify before going large.

Important caveats

  • HMRC rules change. CGT rates, allowances and bullion definitions all shift; confirm before transacting.
  • The CGT exemption applies to UK residents. Non-residents and complex ownership structures (trusts, companies) follow different rules.
  • “Legal tender” status is what matters, not where the coin was struck. A 2025 Britannia struck at The Royal Mint is legal tender; a 1979 Krugerrand is not.

Not financial or tax advice. Always confirm with a qualified UK tax adviser before transacting.