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Silver coins available to UK buyers include the Silver Britannia (UK), the Canadian Silver Maple Leaf, and the Austrian Silver Philharmonic, among others. The key difference for UK investors is CGT treatment: the Silver Britannia is UK legal tender and CGT-exempt, while the Maple Leaf and Philharmonic are not.
All silver coins - regardless of origin - attract 20% VAT on purchase in the UK. This is a fundamental difference from gold, where investment coins are VAT-free.
At a glance
| Coin | Country | Fine silver (1oz) | Purity | CGT-free (UK) | VAT on purchase |
|---|---|---|---|---|---|
| Silver Britannia | UK | 1.000oz | 999.9 | Yes | 20% |
| Canadian Maple Leaf | Canada | 1.000oz | 999.9 | No | 20% |
| Austrian Philharmonic | Austria | 1.000oz | 999.9 | No | 20% |
| American Silver Eagle | USA | 1.000oz | 999.9 | No | 20% |
| Silver Sovereign (new 2023) | UK | 0.2354oz | 999.9 | Yes | 20% |
The VAT issue
Before comparing coins, the bigger issue for UK silver buyers is the 20% VAT applied to all silver purchases. On a 1oz silver coin trading at approximately £27, you are paying £5.40 upfront in tax that you will not recover on resale (dealers do not add VAT to their buyback prices).
This effectively means silver has to rise around 20% just for you to break even on a purchase - unless you buy through a bonded vault structure that defers or eliminates the VAT (covered in our bonded vault guide).
All coin comparisons below assume VAT is paid on purchase in the UK. The VAT applies equally to all coins.
1. Silver Britannia (UK)
What is it?
A 999.9 fine silver coin, 1oz, produced by the Royal Mint. Face value of £2 as UK legal tender - which is why any gain on sale is CGT-exempt.
The silver Britannia has been produced annually since 1997, with the reverse design evolving each year. Post-2021 issues include a microtext security mark and tincture latent image as anti-counterfeiting measures.
Why people choose it
CGT exemption. This is the dominant reason for UK buyers to pay a small premium over foreign coins. The Britannia typically carries a 5–10% premium over spot for new coins - slightly higher than the Maple Leaf - but that premium difference is often outweighed by the CGT saving on any gain.
What to be aware of
Premium over spot is slightly higher than most foreign alternatives. Secondary market for UK silver coins is reasonable but thinner than for gold Sovereigns.
Who this suits
UK investors who expect meaningful capital gains from silver and want to ensure those gains are tax-free. Buyers who want the CGT protection even if it costs 1–2% more per coin.
2. Canadian Silver Maple Leaf
What is it?
A 999.9 fine silver coin, 1oz, from the Royal Canadian Mint. Introduced in 1988. One of the world’s most traded silver coins.
Why people choose it
Very tight premiums over spot - often 3–6% for secondary market examples. Excellent global liquidity. The Maple Leaf has strong collector and investor demand worldwide.
What to be aware of
Not UK legal tender - subject to CGT on any gain. The CGT rate on silver (18% basic rate, 24% higher rate after the £3,000 annual allowance) can meaningfully reduce after-tax returns on a large position.
Who this suits
Buyers within their annual CGT allowance, or who plan to hold silver in a vehicle where CGT does not apply (though physical coins cannot go in an ISA or SIPP). Also suits buyers who want maximum global liquidity above tax efficiency.
3. Austrian Silver Philharmonic
What is it?
A 999.9 fine silver coin, 1oz, from the Austrian Mint. Denominated in €1.50. Very popular across continental Europe.
Why people choose it
Among the lowest premiums available for a recognised 1oz silver coin in the European market. Strong liquidity in European dealer networks.
What to be aware of
Same CGT exposure as the Maple Leaf - not UK legal tender, so gains are taxable. The Euro denomination means nothing practically for GBP buyers, but can be a mild complication in European resale contexts.
Who this suits
Similar profile to Maple Leaf buyers. Slightly better liquidity in continental Europe if that matters.
CGT comparison: worked example
Suppose silver doubles from £27/oz to £54/oz and you hold 100oz in coins.
| Silver Britannia (100oz) | Maple Leaf (100oz) | |
|---|---|---|
| Purchase cost (inc. 20% VAT) | ~£3,240 | ~£3,180 |
| Sale proceeds | ~£5,400 | ~£5,400 |
| Gross gain | ~£2,160 | ~£2,220 |
| CGT owed (higher rate, after £3k allowance) | £0 | ~£293 |
| Net gain | ~£2,160 | ~£1,927 |
The Britannia premium over spot is slightly higher (costing £60 more to buy 100oz), but the CGT saving on a meaningful gain significantly outweighs that. The advantage grows as gains increase.
Tax and regulation
CGT: Silver Britannias are UK legal tender and CGT-exempt. All other silver coins listed here are taxable on gains. The annual exempt amount (£3,000 in 2026/27) applies before tax is owed. See: capital gains tax on gold and silver.
VAT: All silver coins attract 20% VAT on purchase in the UK, regardless of origin. This is the fundamental constraint on silver investing for UK buyers.
How to avoid VAT: Buying silver through a bonded vault (BullionVault or similar) that stores metal in a VAT-free location defers or avoids UK VAT indefinitely while the metal remains in the vault. See our bonded vault guide.
This guide contains factual information only and does not constitute financial or tax advice.
How people usually decide
For UK investors holding silver physically and expecting meaningful gains, the Silver Britannia tends to win - the CGT saving is worth the slightly higher premium. Compare current silver coin prices at best UK silver dealers.
For buyers within their CGT allowance, or making small purchases where the tax impact is minimal, the Maple Leaf or Philharmonic may offer slightly better value on the entry cost.
Buyers who are primarily concerned about the VAT issue should look at bonded vault storage before choosing between coins at all.
Frequently asked questions
Is a Silver Britannia CGT-free? Yes. The Silver Britannia is UK legal tender (face value £2) and is exempt from CGT under the same legal provision as the Gold Sovereign and Gold Britannia.
Do I pay VAT on silver coins? Yes - all silver coins purchased in the UK attract 20% VAT, regardless of the coin’s country of origin or CGT status. This does not apply to investment gold, which is VAT-exempt.
Can I avoid VAT on silver in the UK? You can defer or avoid VAT by buying silver through a bonded vault that stores metal outside the UK VAT zone. While the silver remains in the vault, no VAT is due. VAT becomes payable if you take physical delivery into the UK.
Which silver coin is most liquid? The Canadian Maple Leaf has arguably the deepest global liquidity. In the UK specifically, the Silver Britannia and Maple Leaf are both widely traded. The Philharmonic is less commonly stocked by UK dealers but can be sourced.