Currently Empty: £0.00
Yes. Silver Britannias are UK legal tender, so any profit you make when you sell them is free from Capital Gains Tax (CGT), however large it is. The same applies to other Royal Mint legal-tender coins such as Gold Britannias and Sovereigns. Silver bars and foreign coins like the Maple Leaf or Krugerrand do not get this exemption.
Why UK coins are free from Capital Gains Tax
Under UK tax law, sterling currency is not a chargeable asset for Capital Gains Tax. Royal Mint bullion coins carry a face value in pounds: £2 on a 1 oz Silver Britannia, £100 on a 1 oz Gold Britannia and £1 on a Sovereign. That makes them sterling coins, even though the metal in them is worth far more than the face value.
So if you buy a Silver Britannia and sell it later for more than you paid, the gain is not taxed, whether you made £10 or £10,000.
Which coins are CGT-free?
| Coin or product | Legal tender in | CGT on your gain (UK residents) |
|---|---|---|
| Silver Britannia | UK (£2) | None |
| Gold Britannia | UK (£100 for 1 oz) | None |
| Sovereign and half Sovereign | UK (£1 and 50p) | None |
| Other Royal Mint bullion coins, such as the Queen’s Beasts and Lunar series | UK | None |
| Canadian Maple Leaf | Canada | May be taxable |
| Krugerrand | South Africa | May be taxable |
| Austrian Philharmonic | Austria | May be taxable |
| Australian Kangaroo | Australia | May be taxable |
| Silver and gold bars | Not currency | May be taxable |
How gains on bars and foreign coins are taxed
- Tax-free allowance: everyone has a £3,000 annual exempt amount in 2026/27. It covers your total gains across everything you sell in the tax year, not just metals.
- Tax rates above that: 18% on gains that fall within your basic-rate band, and 24% above it.
- Losses: a loss on a taxable asset can be set against your gains. A loss on a CGT-free coin can’t be claimed.
- Smaller sales: the “chattels” rules can reduce or remove the tax on some smaller sales of physical items. They are detailed, so check with a tax adviser if they might apply to you.
- Reporting: if you sold taxable assets for more than £50,000 in a tax year and you’re registered for Self Assessment, you need to report it, even if there’s no tax to pay.
Worked example
Two buyers each buy 300 one-ounce silver coins at £40 each and later sell them all at £60 each. Each makes a £6,000 profit.
300 Silver Britannias
£0 CGT
The whole £6,000 gain is tax-free, and the £3,000 allowance stays unused for anything else they sell that year.
300 Silver Maple Leafs
£540 – £720
£6,000 gain minus the £3,000 allowance leaves £3,000 taxable: £540 at 18% or £720 at 24%.
The Maple Leaf figures assume no other gains that year and that no other relief, such as the chattels rules, applies.
What the exemption doesn’t cover
- VAT when you buy. CGT is about selling. New silver coins and bars carry 20% VAT when you buy them, while investment-grade gold is VAT-free. See our silver buying guide for how this compares.
- Inheritance Tax. CGT-free coins still count towards the value of your estate.
- Trading. If you buy and sell so often that HMRC sees it as a business, profits may be taxed as income instead.
- Non-UK residents. The exemption is a UK rule. If you live abroad, your own country’s tax rules apply.
Frequently asked questions
Is the Silver Britannia legal tender?
Yes. The 1 oz Silver Britannia is issued by The Royal Mint with a face value of £2.
Do I need to tell HMRC when I sell Silver Britannias?
No. Gains on CGT-free coins are not taxable, so there is nothing to report for them.
Are Maple Leafs or Krugerrands CGT-free in the UK?
No. They are legal tender in Canada and South Africa, not the UK, so gains on them can be taxable once your total gains for the year go over your allowance.
Are older Britannias CGT-free too?
Yes. Older Britannias are still UK legal tender, so the year a coin was made doesn’t affect its CGT status.
Buying or selling Britannias?
We stock 1 oz Silver Britannias, delivered across the UK. If you already own some, we buy them by post at 5% over spot and pay by bank transfer the same day we’ve checked them.
Shop silver coinsSell your coinsThis guide is general information about UK tax as of the 2026/27 tax year, not tax or financial advice. Tax rules can change and depend on your circumstances, so speak to a tax adviser before making decisions. Sources: GOV.UK Capital Gains Tax rates and allowances; HMRC Capital Gains Manual.