Platinum Price in Pounds Today
Track the live platinum price in British pounds per troy ounce and per gram. London platinum pricing with real-time GBP/USD conversion updated every minute.
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The UK Platinum Market
London is the global centre of platinum pricing through the LBMA. The Platinum Britannia coin is produced by the Royal Mint. Physical platinum is subject to 20% VAT in the UK.
- LBMA Platinum Price: London is the global benchmark
- Platinum Britannia: 1 oz .9995 fine, UK legal tender but subject to VAT
- Royal Mint produces platinum bars and coins
- 20% VAT on all physical platinum purchases in the UK
- Platinum ETFs (PHPT) on the LSE avoid the VAT burden
- Johnson Matthey (UK) is a major platinum refiner and market analyst
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Frequently Asked Questions
Is there VAT on platinum in the UK?
Yes, physical platinum is subject to 20% VAT in the UK, which applies to all platinum bars, coins, and rounds. This is a significant cost that must be factored into any investment decision, as the platinum price must rise more than 20% just to break even on a purchase. Unlike investment gold, which is VAT-exempt in the UK, platinum receives no special tax treatment. Investors looking to avoid the VAT burden can consider platinum ETFs such as PHPT on the London Stock Exchange, or explore allocated platinum accounts.
What is the Platinum Britannia?
The Platinum Britannia is a bullion coin produced by the Royal Mint, containing exactly 1 troy ounce of .9995 fine platinum. First introduced in 2017, it features the iconic Britannia design on the reverse and King Charles III on the obverse. Despite being UK legal tender with a face value of 100 pounds, it is still subject to 20% VAT on purchase and Capital Gains Tax on any profit when sold. The coin is widely recognized internationally and carries strong liquidity in the secondary market.
How is the GBP platinum price calculated?
The platinum price in British pounds is calculated by dividing the international US dollar spot price (XPT/USD) by the current GBP/USD exchange rate. For example, if platinum is $1,000 per ounce and GBP/USD is 1.25, the pound price would be 800 GBP per ounce. The LBMA also publishes its daily platinum benchmark in US dollars, which dealers convert to sterling. Both the underlying platinum price and the GBP/USD rate fluctuate continuously, so the pound price moves with both variables.
Who is Johnson Matthey?
Johnson Matthey is a UK-based speciality chemicals and sustainable technologies company that has been a central figure in the platinum group metals (PGM) industry for over a century. The company is one of the world's leading PGM refiners, processing significant quantities of platinum, palladium, and rhodium. Johnson Matthey publishes the annual PGM Market Review, which is widely regarded as the most authoritative analysis of global platinum supply and demand. Their expertise spans autocatalysts, fuel cells, and pharmaceutical applications of PGMs.