How to Sell Inherited Gold in the UK
Inherited gold jewellery or coins? This guide covers everything you need to know about selling inherited gold in the UK, from probate requirements to finding the best buyers.
London Gold Exchange Team
Expert guidance on estate gold sales
A note on timing: There's no rush to sell inherited gold. Take time to grieve and make decisions when you feel ready. This guide will help when you decide to move forward, whether that's now or months from now.
Quick Overview: Selling Inherited Gold UK
- 1.Check if probate is required before selling
- 2.Get a professional valuation for probate records
- 3.Inventory all items and decide what to keep
- 4.Choose appropriate selling method for each item type
- 5.Get multiple quotes and compare offers
Step-by-Step: Selling Inherited Gold
Check Probate Requirements
Determine if the gold is subject to probate. Items given as gifts before death, or small personal effects, may not require it. Larger estates typically need a Grant of Probate before assets can be distributed or sold.
Get a Professional Valuation
For probate purposes, obtain a written valuation from an RICS-registered valuer, auctioneer, or experienced jeweller. This establishes the legal value at death for tax purposes.
Inventory All Items
Create a detailed list of all gold items including jewellery, coins, bars, and watches. Note any hallmarks, brand names, or special features that might affect value.
Decide What to Keep vs. Sell
Consider sentimental value, practical use, and potential appreciation. Some pieces may be worth keeping for emotional reasons or as investments, while others are better converted to cash.
Choose the Right Selling Method
Decide between dealers (quick, straightforward), auctions (potentially higher prices for special items), or private sale (maximum return but more effort).
Get Multiple Quotes
Contact at least 3 different buyers before selling. Prices vary significantly between dealers, especially for larger collections or unusual pieces.
Probate and Inherited Gold
Probate is the legal process of administering a deceased person's estate. Whether you need probate to sell inherited gold depends on several factors:
- ✓Gold given as gifts before death
- ✓Small personal effects (jewellery worn daily)
- ✓Items passing jointly to surviving spouse
- ✓Estates under the probate threshold
- !Part of an estate requiring formal administration
- !Significant gold collections or bars
- !Items specifically mentioned in the will
- !Disputed inheritances between beneficiaries
Important: If you're unsure whether probate is required, consult a solicitor before selling. Selling estate assets without proper authority could create legal complications.
Tax Considerations for Inherited Gold
IHT applies to estates over £325,000 (or £500,000 if the family home passes to children). Gold's value at death is included in the estate value. The estate pays any IHT due - you don't personally pay IHT on items you inherit.
When you sell inherited gold, the "base cost" for CGT purposes is the probate value (value at death), not the original purchase price. You only pay CGT on gains above this value.
- • Personal jewellery sold for under £6,000 is usually exempt
- • UK gold coins (Sovereigns, Britannias) are CGT-free
- • Annual CGT allowance: £3,000 (2025/26 tax year)
Tax Tip: UK gold Sovereigns and Britannias are CGT-exempt as legal tender. If you've inherited these coins, they can be sold with no capital gains tax regardless of value.
Where to Sell Inherited Gold
The best selling method depends on what you've inherited:
Best for: Standard gold jewellery, scrap gold, coins
Pros:
- ✓ Quick process
- ✓ Competitive rates
- ✓ No fees
Cons:
- ✗ Only pays for gold content
- ✗ Won't pay premium for antiques
Timeline: Same day payment
Best for: Antique, designer, or rare pieces
Pros:
- ✓ May achieve premium prices
- ✓ Expert cataloguing
- ✓ Wide buyer reach
Cons:
- ✗ Seller's fees (15-25%)
- ✗ No guaranteed sale
- ✗ Long wait
Timeline: 2-4 months
Best for: Victorian/Edwardian jewellery, collectibles
Pros:
- ✓ Appreciate craftsmanship
- ✓ May pay over gold value
Cons:
- ✗ Only want certain pieces
- ✗ Negotiation required
Timeline: Immediate to weeks
Best for: Desirable branded or antique items
Pros:
- ✓ No middleman fees
- ✓ Direct pricing control
Cons:
- ✗ More effort
- ✗ Security concerns
- ✗ No guarantees
Timeline: Variable
Calculate Your Inherited Gold's Value
Get an estimate before contacting dealers
Special Considerations
Victorian, Edwardian, and Art Deco jewellery may be worth more than its gold content. Get specialist valuations before accepting scrap prices. Look for maker's marks and period-appropriate styles.
Cartier, Tiffany, Bulgari, and other luxury brands command premiums above gold value. Check for original boxes, certificates, and receipts. Consider specialist resellers or auction.
Sovereigns, Krugerrands, and other bullion coins may have numismatic value above gold content. Rare dates, proof editions, and excellent condition pieces can be worth significantly more.
If gold must be divided between beneficiaries, consider whether to divide items or sell and split proceeds. Get agreement in writing before selling to avoid disputes.
Frequently Asked Questions
Do I need probate to sell inherited gold?
It depends on the circumstances. If the gold is part of a formal estate requiring probate, you typically need to wait for the Grant of Probate before selling. Small personal effects or gold given as gifts before death may not require probate. If in doubt, consult a solicitor.
Is there tax on selling inherited gold UK?
Inheritance Tax is paid by the estate, not you personally. For Capital Gains Tax, the "base cost" is the probate valuation. You only pay CGT on gains above that value. Personal jewellery under £6,000 is usually exempt, and UK gold coins (Sovereigns, Britannias) are always CGT-free.
How long should I wait before selling?
There's no required waiting period for emotional reasons - take as long as you need. Legally, you should wait until probate is granted if required. From a financial perspective, gold prices fluctuate, but there's no way to predict optimal timing.
Should I get insurance for inherited gold?
Yes, if you're keeping inherited gold, ensure it's properly insured. Standard home insurance often has low limits for jewellery (e.g., £2,000). You may need scheduled items or specialist jewellery insurance for valuable pieces.
Related Guides
Complete step-by-step guide covering hallmarks, valuations, and getting the best price for your gold jewellery.
Read Guide →Learn about gold coin values including Sovereigns, Britannias, and Krugerrands. Understand bullion vs. numismatic value.
Read Guide →Disclaimer: This guide provides general information only and does not constitute legal or tax advice. For specific guidance on probate, inheritance tax, or capital gains tax, please consult a qualified solicitor or tax advisor. Last updated: November 2025.