About Silver · UK
The silver price shown is the live LBMA (London Bullion Market Association) spot price converted to GBP using the live USD/GBP exchange rate. The LBMA silver price is fixed twice daily (noon and 3pm London time) and is the benchmark for UK dealers.
Note: In the UK, physical silver purchases attract 20% VAT, unlike gold which is VAT-exempt. Silver held in approved storage (e.g., Royal Mint Vault, BullionVault) can avoid upfront VAT. Silver ETFs and ETC products are also VAT-free.
Frequently Asked Questions
Does silver attract VAT in the UK? +
Yes. Physical silver purchases in the UK are subject to 20% VAT. This does not apply to silver held in LBMA-approved vaults or to silver ETFs/ETCs. Consider allocated storage to defer VAT.
What is the LBMA silver price? +
The LBMA Silver Price is set twice daily by ICE Benchmark Administration (IBA). It is the primary reference price for silver contracts, derivatives, and physical settlement globally.
Is the Britannia silver coin exempt from CGT? +
Yes. Britannia silver coins are UK legal tender and exempt from Capital Gains Tax (CGT) for UK residents, making them tax-efficient investment vehicles.
How does GBP/USD affect silver price in the UK? +
Silver is globally priced in USD. A weaker pound raises the GBP silver price even if the USD spot price is flat. AURUM updates the GBP conversion in real time.
Silver Market Analysis - UK (March 2026)
Silver prices in the UK have seen significant volatility in early 2026, driven by industrial demand from AI data centres and electric vehicle manufacturing. The gold-to-silver ratio has fallen to approximately 50:1 - the lowest in a decade - suggesting silver may be undervalued relative to gold. UK investors should note that silver ETFs and allocated vault storage avoid the 20% VAT burden that applies to physical purchases. The LBMA silver fix remains the benchmark for UK pricing, with the GBP/USD exchange rate adding an additional layer of price movement for sterling-denominated investors.