VAT on gold, silver, platinum and palladium: what buyers in the UK, EU, Switzerland and the US pay
Investment gold is exempt from VAT in the UK, the EU and Switzerland, while silver, platinum and palladium are taxed at the standard rate. This guide explains the rules, the 1 g bar exception in France and Italy, the rates in a selection of countries and how VAT appears on your order.
The short answer
In the United Kingdom, every EU country and Switzerland, gold coins and bars of investment quality are sold without VAT. Silver, platinum and palladium are taxed at the country's standard VAT rate, whether you buy coins or bars. The United States has no VAT, but some states charge sales tax on bullion.
When gold counts as investment gold
Gold is only VAT-free if it meets the legal definition of investment gold. In the EU, this comes from the EU VAT Directive (2006/112/EC), and the criteria are:
- Bars must be at least 995 parts per thousand fine.
- Coins must be at least 900 fine, minted after 1800, legal tender in their country of origin, and sold for no more than 180% of the value of the gold they contain.
The EU also publishes a yearly list of coins that are treated as meeting these criteria. A 22-carat coin such as the Krugerrand (916.7 fine) qualifies because it is above 900 fine; it still contains a full troy ounce of fine gold. The gold coins sold on CC Holdings meet these criteria.
The UK rules are very similar. Bars and wafers must be at least 995 fine and in an accepted weight, which includes everything from 1 g to 100 g. Coins must be at least 900 fine, minted after 1800, legal tender and sold for no more than 180% of their gold value, or appear on HMRC's list of investment gold coins.
In Switzerland, gold coins minted by a state and investment gold bars of at least 995 fineness bearing the fineness mark and the stamp of a recognised assayer-melter are exempt.
The 1 g bar exception in France and Italy
France and Italy only treat gold bars heavier than 1 g as investment gold. A 1 g gold bar therefore carries VAT if it is delivered to one of these countries: 20% in France and 22% in Italy. Bars of 5 g and above are exempt there as usual.
In other countries, including the UK, Germany and Finland, a 1 g bar counts as investment gold. If you live in France or Italy and want small gold pieces without VAT, a 5 g bar or a small gold coin avoids the issue.
Silver, platinum and palladium: standard VAT
None of the countries covered here exempts silver, platinum or palladium, and none gives bullion a reduced rate. Coins and bars are taxed the same way, at the standard rate of the country.
Some dealers used to sell new silver coins under the margin scheme, where VAT was charged only on the dealer's margin rather than the full price. In the EU this has largely ended since 1 January 2025, so new silver coins now carry VAT on the full selling price.
In Germany, collector coins in precious metals can get a reduced 7% rate, but only when they are sold for more than 250% of their metal value. Ordinary bullion coins don't reach that, so they are taxed at 19%.
Silver bar 1 kg
VAT rates by country
The table shows the VAT rates for precious metals in a selection of the countries CC Holdings delivers to, as researched in October 2026.
| Country | Investment gold (coins and bars) | Silver, platinum, palladium |
|---|---|---|
| United Kingdom | 0% | 20% |
| Germany | 0% | 19% |
| France | 0% (1 g bar: 20%) | 20% |
| Italy | 0% (1 g bar: 22%) | 22% |
| Austria | 0% | 20% |
| Netherlands | 0% | 21% |
| Spain | 0% | 21% |
| Ireland | 0% | 23% |
| Belgium | 0% | 21% |
| Switzerland | 0% | 8.1% |
| United States | No VAT | No VAT; state sales tax varies |
In the United States, there is no VAT. Sales tax on bullion is set by each state: most states exempt it, some tax it, and some only exempt purchases above a certain amount. Check the rules in your state.
In Switzerland, the rates in the table are those of Swiss VAT. We don't charge it, because deliveries there are exports: Swiss import VAT on silver, platinum and palladium is payable by you on delivery. Canada and the UAE have their own sales taxes (GST/HST in Canada, VAT in the UAE), each with its own rules for investment-grade precious metals. We don't charge UK or EU VAT on deliveries to either; any import taxes or duties are payable by you on delivery, so check the local rules.
Rates change when governments change their tax laws, so treat the table as a snapshot. The rate that applies to your order is always the one shown at checkout.
Why silver costs more after VAT
VAT is charged on the whole selling price: the metal's spot value plus the premium. A simple example shows the effect. Say a silver coin and a gold coin each cost 100 before VAT (in euros, or in francs for Switzerland):
- delivered to Germany, the silver coin costs €119 and the gold coin €100
- delivered to Ireland, the silver coin costs €123 and the gold coin €100
- delivered to Switzerland, where we charge no VAT but 8.1% Swiss import VAT is payable on delivery, the silver coin costs CHF 108.10 in total and the gold coin CHF 100
Silver also tends to carry a higher premium than gold. It is much cheaper per gram, so the costs of minting, fabrication and distribution make up a larger share of the price. At the time of writing, 1 oz silver coins on CC Holdings carry premiums of 20% or more, while 1 oz gold coins are mostly around 4 to 5%. The VAT is then added on top of that higher figure.
Dealers typically pay a little below spot when they buy metal back; CC Holdings pays 97% of the live spot value. With silver, the price therefore has to rise by more before you would get back what you paid. This guide isn't investment advice, but it is worth keeping in mind when comparing metals. You can follow the market on the silver price chart.
How VAT is shown on CC Holdings
- Prices include VAT. Every price on the site already includes any VAT due for your delivery country, so what you see is what you pay.
- Your delivery country sets the rate. Change the delivery country and the prices adjust to that country's rate. Gold that counts as investment gold shows no VAT.
- VAT is shown separately. Your basket and your invoice list the VAT amount on its own line, so you can see exactly how much of the total is tax.
- No VAT outside the UK and the EU. We don't charge VAT on deliveries to Switzerland, the United States, Canada or the UAE. Any import VAT, customs duties or sales tax there are payable by you on delivery.
- No VAT when you sell to us. When we buy gold, silver, platinum or palladium from you, we don't charge VAT: we pay 97% of the live spot value of the fine metal, with no fees. See our guide on how to sell gold and silver.
For the full buying process, from locking a price to paying by bank transfer, see our guide on how to buy gold online.
Common questions
Is VAT based on where I live or where the parcel goes?
On CC Holdings, it is based on the delivery country you choose. The price you see already includes that country's VAT, and your invoice shows it separately.
Are silver coins taxed less than silver bars?
No. In the countries covered here, silver coins and bars are both taxed at the standard rate. The German 7% rate for collector coins only applies above 250% of the metal value, which ordinary bullion coins don't reach.
Do I pay VAT on platinum and palladium coins?
Yes. The investment gold exemption covers gold only, so platinum and palladium coins and bars carry the standard VAT rate, the same as silver.
Do I pay tax when I sell?
We don't charge VAT when we buy metal from you. VAT applies when you buy, but selling can bring other taxes, such as capital gains tax, and the rules differ by country. In the UK, for example, some British legal-tender coins such as Britannias and Sovereigns are generally exempt from Capital Gains Tax for individuals. Please check with a tax adviser before relying on this.
