Bullion Dealers UK List

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Search Coin and Bullion Dealers in the UK

united kingdom bullion dealersUK bullion dealers are our 2nd most highly searched bullion dealer category after the USA, listing 150 UK precious metals and coin dealers (as of November 2017) with London offering the greatest number of UK dealers (53) out of all UK regions.

The majority of UK national bullion dealers and the UK’s international bullion dealers are also based in London – which is hardy surprising considering London’s status as a global trade and banking hub, but other regions, notably the South East, West Midlands and North West are home to a significant portion of the UK’s dealers.

Buying Bullion in the UK

Buying gold bullion is a very popular investment in the UK, evidenced by the number of dealers per head of population in comparison to other countries. As well as a thriving local market, the world’s wealthy buy and store gold bullion in the UK due to low taxation (see below) and high competition levels ensuring that dealers cut premiums aggressively to get sales.

This concentration of dealers has led to the UK being the world’s top gold trading hub, with the LBMA, the association responsible for nearly all global gold trade certification being based in London.

Most national and local UK bullion dealers have a web presence with the larger dealers operating e-commerce platforms carrying a good stock of popular investment gold. The UK is also home to a generous number of numismatic / coin dealers with 4 major numismatic societies being based in the UK.

High sales in the UK and massive gold trade volume passing through the UK do not reflect the UK state’s actual ownership of gold. The UK’s once sizeable holdings of gold bullion were famously sold off cheaply by chancellor Gordon Brown in the early 21st century and now stand at only 310.3 tonnes or 7.4% of the UK’s total reserves (down from 32.8% in 2000). There is also question over just how much gold London’s vaults actually hold – in particular with relation to London-traded gold derivatives.

Selling Bullion in the UK

Nearly all UK bullion dealers buy bullion bars and coins, with many also trading in numismatics and scrap gold.

Prices paid can vary significantly from dealer to dealer with some offering 60%+ less than others so it pays to seek at least 3 valuations before selling your gold. Areas with high concentrations of bullion dealers should see the most competitive prices paid – and always remember that a fancy showroom is paid for by high spreads between buy and sell prices.

Many pawn shops and cheque-cashing outlets will also buy scrap gold, as do specific cash-for-gold outlets and mail-order companies – however prices paid can be very low in relation to market value.

UK Bullion Dealers – Problems

As with any purchase it pays to do basic groundwork before selling or buying gold bullion in the UK – if you want your transaction to be worry and problem-free

Common issues such as customer service complaints, high buy-sell spreads and increasing concerns over fake bullion products mean this is an important first step when dealing with a new company for the first time.

Read online reviews – Bullion.Directory features a review section for each of our listed UK gold dealers.

Also enquire at your local Trading Standards office (click here for Scotland) if there have been any complaints or issues regarding a company you’d like to deal with.

Finally, if you have a bad experience – or indeed a fantastic experience, please leave a review on the company’s listing – your review will truly assist future buyers.


Are Bullion Sales Taxed in the UK?bullion sale tax

The tax situation on UK bullion varies enormously depending on the metal, the bullion product and the ownership vehicle – but overall the UK is a very bullion-friendly jurisdiction.

As far as sales tax goes, gold bullion is zero rated for VAT whether the bullion is in the form of coins, rounds or bars. New Silver, Platinum and Palladium bullion bars, rounds and coins are all rated at the full VAT amount which is currently 20%.

However, selected bullion dealers are members of a VAT scheme where pre-owned bars that would otherwise be rated at 20% on the full value are only rated at 20% VAT on the dealer’s premium or spread between buy and sell prices, allowing for a VAT rate that’s very close to zero. National dealer Chards are notable champions of this VAT scheme, with their pre-owned silver bullion usually being the lowest cost deliverable bullion in the country.

Most other UK bullion dealers can offer zero-rated silver platinum and palladium, but the metals must be vaulted and remain outside of the UK, otherwise VAT will be payable at the full amount.

As with VAT, Capital Gains Tax (CGT) varies depending on the bullion product. There is full CGT paid, at the individuals rate, on all precious metals bars and rounds, however coins that are “Legal Tender” are exempt from any CGT.

This means that whilst legal tender silver platinum and palladium coins are exempt from CGT, they are liable for VAT. Gold legal tender coins on the other hand, are exempt from both CGT and VAT which is the reason the UK Gold Sovereigns and Britannias are such popular coins with investors – even allowing for their often higher premiums compared to bars and rounds.

Many countries offer special tax incentives when adding bullion to retirement accounts and the UK is no exception.

In adding gold bullion to a SIPP (Self-Invested Personal Pension) the account holder receives what amounts to a rebate in line with their rate of income tax, meaning gold can be bought at up to a 45% saving. An added bonus is that any gold in a SIPP is also free of any CGT.

Any gold bullion held in a UK SIPP must be of a purity of not less than 995 thousandths and can only take the form of a bar or wafer. No coins or rounds, silver, platinum or palladium are eligible for inclusion in a SIPP.

IMPORTANT: The above tax details are listed for information purposes only and are believed correct at time of publication. Bullion.Directory are not tax experts. All enquiries about UK taxes should be addressed to the appropriate body. Taxes and taxation are subject to change.

*This information is available to you to help your understanding of “Investment Gold” in SIPPs, but please be advised that Bullion.Directory is not authorised under the Financial Services and Markets Act 2000 (“FSMA”) nor by the Financial Conduct Authority, and as such cannot offer advice on the merits of entering into any SIPP transaction, nor can we endorse or recommend any particular SIPP administrator and accept responsibility for the services they provide.