VAT
VAT is value added tax; the UK standard rate is 20% for most goods and services.
Why it matters
VAT is one of the biggest practical differences between UK physical silver and qualifying investment gold. Physical silver products are commonly compared on a VAT-inclusive price, while qualifying investment gold is normally treated as VAT exempt under HMRC investment gold rules.
What to check
VAT treatment depends on product type, seller, route, invoice wording, and current rules. Check current HMRC guidance rather than assuming that a gold-coloured item, collectable, second-hand product, or overseas listing has the same treatment.