Gold Buyer Checklist

### Due diligence for UK physical gold buyers

A practical one-page reference covering product verification, dealer checks, price comparison,

and records. Complete each section before committing to any purchase.

### Product and purity checks

### Dealer verification

### Price comparison

### Before you pay

### After purchase — records

### Quick reference: gold VAT and CGT

> This document is for educational purposes only. It is not financial, investment, tax, legal, or personal advice. Rules change —

always verify with HMRC and seek qualified advice for your individual circumstances.

01 · PRODUCT AND PURITY CHECKS

Complete before comparing any price.

• I know the exact product name (e.g. Gold Britannia 1oz, Gold Sovereign, PAMP 100g bar)
• I know the stated purity: 999 fine (24ct) / 916 fine (22ct) / 750 fine (18ct)
• I have confirmed the format — minted coin, cast bar, or minted bar
• I have confirmed whether the product is UK legal tender (relevant to CGT discussion)
• I have confirmed the product qualifies as investment gold for UK VAT purposes
• I know the exact weight in troy ounces (1 troy oz = 31.1035g)
• I have noted whether original packaging, assay card, or certificate is included

### VAT on gold

Investment gold meeting HMRC's definition is zero-rated for UK VAT. This includes bars of at least

995 fine from recognised refiners and qualifying bullion coins. Jewellery and non-qualifying gold carry

20% VAT. Check gov.uk VAT Notice 701/21.

02 · DEALER VERIFICATION

• The dealer has a verifiable UK address and Companies House registration number
• The dealer is registered with HMRC for Anti-Money Laundering (AML) supervision
• The dealer publishes clear pricing tied to the live spot price (not opaque fixed quotes)
• The dealer provides a full VAT invoice showing product, price, VAT status, and their details
• I have checked the dealer's buyback (sell-back) price, not just their selling price
• I know the dealer's buyback documentation requirements (ID needed to sell back?)
• Delivery is insured, tracked, and has a stated timeframe
• The dealer has a clear returns and dispute process

### Spot check two dealers

Buyback rates for the same product differ by 1–3% between dealers. On a £5,000 holding, that is

£50–£150. Check BullionByPost, Gold.co.uk, and Chards as a minimum. Compare prices on the same

day — spot moves continuously.

03 · PRICE COMPARISON

Formula: Dealer price ÷ (Spot price × weight in troy oz) = % of spot. Higher % = closer to spot =

better rate.

• I know the current gold spot price in GBP per troy oz at the time of comparison
• I have obtained quotes from at least two established UK bullion dealers today
• I have calculated each quote as a % of spot using the formula above
• I have confirmed whether delivery and insurance are included in the quoted price
• I have confirmed whether the price shown includes or excludes VAT
• For coins: I have noted the premium as a % over the spot value of the metal content

### Product

### Spot (£/oz)

### Metal weight (oz)

### Dealer price

% of spot

### Gold Sovereign

£2,850

0.2354 oz

£725

108.1%

### Gold Britannia 1oz

£2,850

1.000 oz

£2,980

104.6%

### PAMP 1oz bar

£2,850

1.000 oz

£2,920

102.5%

Example only — spot price and dealer prices are illustrative. Always use live prices.

04 · BEFORE YOU PAY

• I have decided between coins and bars — and understand the CGT implication
• For postal purchase: I have verified the price-lock deadline (usually same-day postage)
• I understand payment methods and settlement timeframe
• I have confirmed how the metal will be insured in transit
• I have a secure storage plan ready before the metal arrives
• I have checked whether my home insurance covers bullion (most do not adequately)
• I understand the minimum AML documentation that may be required for my purchase size

05 · AFTER PURCHASE — RECORDS TO KEEP

• Original dealer invoice (showing product, price, VAT status, date, dealer details)
• Photographs of the product front and back, including any assay card or certificate
• Serial numbers or mint reference numbers noted separately from the metal
• Storage location noted somewhere accessible to a trusted person (for estate purposes)
• Insurance documentation if applicable
• CGT note: if you bought bars or foreign coins, the purchase price is your cost basis
• CGT note: the purchase date starts the holding period for any future gain calculation

06 · QUICK REFERENCE — GOLD VAT AND CGT (UK)

### Gold product

### UK VAT

### CGT on gains

Investment gold bars (≥995 fine, ≥1g)

### Zero-rated

(VAT-exempt)

### Standard CGT applies

### Gold Sovereign (UK legal tender)

### Zero-rated

### Commonly discussed as

### CGT-exempt

### Gold Britannia (UK legal tender)

### Zero-rated

### Commonly discussed as

### CGT-exempt

### Foreign bullion coins (Maple Leaf,

### Eagle)

### Zero-rated (if qualifying)

### Standard CGT applies

### Gold jewellery

20% VAT

### Standard CGT applies

### Gold ETFs / funds

### N/A (financial product)

### Standard CGT applies

CGT annual allowance: £3,000 (2024/25). Gains above this taxed at 18% (basic rate) or 24% (higher rate). UK legal tender

coin exemption is based on TCGA 1992 s.21 — gains on sterling currency not chargeable. Verify current rules at gov.uk.

> Educational only. Not financial, investment, tax, legal, or personal advice. Rules change. Always verify current HMRC

> guidance and seek qualified professional advice for individual circumstances. GoldQuestions — goldquestions.co.uk