Taxes

TaxBurdenThe following tables outline national tax rules for the buying and selling of physical precious metals. There are additional details via the notes and links. The tax information here is merely a collation of public information on the Web. You should double-check our analysis to ensure accuracy before making any decisions.

For how to minimize value-added tax (VAT) and sales taxes on your physical precious metal purchases see here. For ways to minimize Capital Gains tax (CGT) see here.

In addition to taxes you’ll need to take into account the premiums you pay – the difference between spot price and your purchase price. See our section on Premiums for more information.

Customs duty & import taxes

Normally, duty and taxes are not payable when you take your precious metal coins and bars across international borders, as long as they are deemed personal possessions and not commercial or imported goods. See our section on Transporting metals internationally for more details.


Coins – Legal tender and non-legal tender items with face value. See here for examples.

[updated July 2017]

If viewing this on a small screen you must scroll to the right to see the full table.

Country of Residence for Tax Purposes (CRTP) Gold Silver Notes
BUY TAXES SELL TAXES BUY TAXES SELL TAXES
United States (US) Sales tax laws vary from state-to-state 28%+ CGT Sales tax laws vary from state-to-state 28%+ CGT Gold and silver coins are considered “collectibles” for federal Captal Gains Tax (CGT) purposes. In some states, state taxes can push this to almost 40%. See our section on US taxes
United Kingdom (UK) 0% up to 28% CGT 20% VAT up to 28% CGT UK Capital Gains Tax (CGT) applies only to coins which are not legal tender. Thus, gold and silver Sovereigns, Britannias and some gold Pounds are free of CGT (see here). There are different rules for Capital Gains before and after June 2010 see HMRC
Canada Depends on purity CGT of 50% of income tax rate Depends on purity CGT of 50% of income tax rate If purity of gold item is greater than 0.995, or 0.999 for silver, then it is exempt from any Canadian sales tax. 50% of realised (net) capital gains on coins are taxed at an individual’s tax rate
Germany 0% 0% 19% VAT 0% As of January 2014 the VAT increased from 7% to 19%. However, the new rate is applied on dealer profit margin for non-EU silver coins thus becoming effectively zero for retail buyers of these types of coins
Hong Kong 0% 0% 0% 0% Very tax friendly jurisdiction for precious metal investors
Australia Depends on purity 0% Depends on purity 0% Gold coins 0.995 or more fine and silver coins 0.999 or more fine are exempt from GST. There’s a serious chance you must pay GST on precious metals brought in Australia
Singapore 0% 0% 0% 0% Special exemption from the 7% Goods and Services Tax (GST)

 


 
Bullion – Bars, wafers and rounds.  E.g. 1,000oz silver bar or 1kg gold bar.

[updated July 2017]

If viewing this on a small screen you must scroll to the right to see the full table.

Country of Residence for Tax Purposes (CRTP) Gold Silver Notes
BUY TAXES SELL TAXES BUY TAXES SELL TAXES
United States (US) Sales tax laws vary from state-to-state 28%+ CGT Sales tax laws vary from state-to-state 28%+ CGT Gold and silver coins are considered “collectibles” for federal Captal Gains Tax (CGT) purposes. In some states, state taxes can push this to almost 40%. See our section on US taxes
United Kingdom (UK) 0% up to 28% CGT 20% VAT up to 28% CGT All bars subject to CGT. There are different rules for Capital Gains before and after June 2010 see HMRC
Canada Depends on purity CGT of 50% of income tax rate Depends on purity CGT of 50% of income tax rate Bullion purity is usually >0.995 thus exempt from any Canadian sales tax. 50% of realised (net) capital gains on coins are taxed at an individual’s tax rate
Germany 0% 0% 19% VAT 0%
Hong Kong 0% 0% 0% 0% Very tax friendly jurisdiction for precious metal investors
Australia Depends on purity 0% Depends on purity 0% Gold bars 0.995 or more fine and silver bars 0.999 or more fine are exempt from GST. There’s a serious chance you must pay GST on precious metals brought in Australia
Singapore 0% 0% 0% 0% Special exemption from the 7% Goods and Services Tax (GST)


2 comments on “Taxes
  1. Tony A Bourque says:

    Should a person be responsible to pay tax on silver .999 pure at an auction sale (vendor) or should this be tax free as well.

    • PMT says:

      Hi Tony,

      There is a huge variation in the taxability of silver bought at auction, varies by country and often within that country, varies by item, and usually silver content. For example, in UK auctioneers can use a ‘margin scheme’ for some silver items that will cut tax to near zero. You best ask the auctioneer (“are there taxes, if so, any way to minimize them?”) as they will be responsible for collecting whatever tax might be due

Comments or questions are most welcome