Silver Price in Pounds Today
Track the live silver price in British pounds per troy ounce and per gram. London silver pricing with real-time GBP/USD conversion updated every minute.
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The UK Silver Market
The silver price in GBP is benchmarked by the daily LBMA Silver Price set at noon London time. A critical factor for UK silver investors is the 20% VAT applied to all physical silver purchases.
- VAT: 20% standard rate on all physical silver bars and coins in the UK
- LBMA Silver Price: set daily at noon London time (administered by CME Group)
- Silver Britannia: 1 oz .999 fine, UK legal tender but still subject to VAT and CGT
- Silver ETFs (PHAG, ISLN) on the LSE avoid the 20% VAT burden
- GBP/USD weakness amplifies silver prices in pounds (e.g., Brexit vote, 2022 mini-budget)
- Offshore bonded storage can defer VAT until physical delivery into the UK
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Frequently Asked Questions
How is the silver price in pounds calculated?
The silver price in pounds is calculated by dividing the international US dollar spot price (XAG/USD) by the current GBP/USD exchange rate. For example, if silver is $30/oz and GBP/USD is 1.25, the pound price is 24 GBP per ounce. The LBMA also publishes its daily silver benchmark which can be converted to sterling.
Is there VAT on silver in the UK?
Yes, physical silver is subject to 20% VAT in the UK, unlike investment gold which is VAT-exempt. This applies to all silver bars, coins, and rounds purchased in the UK. The VAT significantly increases the cost of buying physical silver and means the silver price must rise more than 20% just to break even on a purchase.
Are silver coins tax-free in the UK?
No, silver coins are not tax-free in the UK. They are subject to 20% VAT on purchase and Capital Gains Tax on any profit when sold. This differs from gold Sovereigns and Britannias, which are both VAT-free and CGT-free. The Silver Britannia, despite being legal tender, does not receive the same tax benefits as its gold equivalent.
How does GBP/USD affect silver price in pounds?
The GBP/USD exchange rate directly impacts the silver price in pounds. When sterling weakens against the dollar, silver becomes more expensive in pound terms even if the dollar price is unchanged. For example, during the 2016 Brexit vote, the silver price in GBP spiked due to the sharp fall in sterling, even as the USD silver price saw more modest gains.