Customs and Import of Precious Metal
Also: Precious metal import, Gold import, Customs duty precious metal
When precious metals are transported across borders, cash-declaration duties apply above GBP 10,000, along with import VAT and customs rules when entering the UK from abroad.
Anyone transporting gold, silver, platinum or palladium across national borders operates within a close-meshed framework of customs, tax and anti-money-laundering law. The most important rules at a glance - no substitute for individual legal or tax advice.
Carrying cash and equivalents: declaration above GBP 10,000
When entering or leaving Great Britain, carrying GBP 10,000 or more in cash must be declared to HM Revenue & Customs. Investment-grade coins and bars are treated as monetary instruments where they serve as a means of exchange. If the declaration is omitted, the goods may be seized and a penalty imposed. Since Brexit, movements between Great Britain and the EU also count as international movements for customs purposes.
Import into the UK from abroad
When importing from outside the UK, two levels come into play:
| Regulatory level | What applies? |
|---|---|
| Customs duty | Gold bars and coins with recognised fineness: 0% duty. Silver, platinum, palladium: usually 0% as well, but check individual cases against the UK Global Tariff. |
| Import VAT | Corresponds to the standard VAT rate (20%). Investment gold is VAT-exempt (HMRC) - so no import VAT on gold bars of at least 995/1000 and on qualifying investment coins. Silver, platinum and palladium are subject to import VAT (20%). |
| Declaration duty | Above GBP 10,000 market value, declaration to HMRC is mandatory. |
You can determine the current market value of your precious metals in pounds at any time via the melt value calculator or the live pages for gold price and silver price.
Investment gold - the special case
Investment gold (bars with a fineness of at least 995/1000 and certain coins) is VAT-exempt across the UK under the HMRC investment-gold rules. On import from abroad, therefore, no import VAT is due. Whether a specific coin qualifies as investment gold is determined by HMRC's published list of qualifying gold coins. The tax calculator gives an initial indication of the tax classification.
Anti-money-laundering obligations
Independently of customs law, precious metal dealers registered as high-value dealers must carry out customer due diligence and report suspicious transactions under UK anti-money-laundering rules (anti-money-laundering act). Anyone bringing larger quantities across the border should keep purchase receipts and proof of provenance to hand.
In brief
Investment gold moves duty-free and without VAT; above GBP 10,000 in value a declaration to HMRC is required. Silver, platinum and palladium are subject to import VAT (20%) when brought in from abroad. Purchase receipts and proof of provenance protect against delays at the border.