Gold in a SIPP or ISA: what the rules allow

ISAs and SIPPs are the UK's two big tax shelters, so it is natural to ask whether gold can go inside them. The answer is different for each wrapper, and it turns on a few lines of HMRC guidance. This page sets out what the rules allow, what it costs, and the risks, using HMRC, FCA and provider sources. It describes the options; it does not recommend any of them.

What can you hold in an ISA or SIPP? The rules side by side

Sources: HMRC Pensions Tax Manual PTM125100; HMRC guidance on stocks and shares investments for ISA managers (updated 6 April 2026). Each provider decides which of the allowed investments it offers.

How does gold work in an ISA?

A stocks and shares ISA can only hold "qualifying investments". HMRC's list for ISA managers includes company shares and debt securities listed on a recognised stock exchange, government bonds such as gilts, UK UCITS funds (regulated investment funds), investment trust shares, and cash. There is no category for physical commodities, so a gold bar or coin cannot sit in an ISA, however it is stored.

What many investors use instead is an exchange-traded commodity (ETC). An ETC is a security, traded on a stock exchange like a share, whose value tracks the gold price. "Physically backed" ETCs hold real gold bars in a vault to match the securities issued. For example, The Royal Mint has launched physically backed gold ETCs with HANetf, backed by gold held at its vault in Llantrisant, Wales, and it has described its gold ETC as eligible for a stocks and shares ISA. Whether a particular ETC is available in your ISA depends on your provider, which checks each product against HMRC's rules.

Points to understand before using an ETC in an ISA:

• You own a security, not gold. You cannot usually ask for the bars to be delivered to you.
• There is an ongoing charge, set out in each product's key information document, plus your ISA platform's fees.
• Allowance: money paid into ISAs counts toward the £20,000 annual allowance for 2026 to 2027.
• Tax: gains inside an ISA are free of capital gains tax. Outside an ISA, UK legal tender coins such as the Sovereign and Britannia are already exempt from capital gains tax, so the ISA's tax advantage over coins is smaller than many people assume.

Our guide to physical gold vs gold ETFs compares owning bars and coins with owning a listed product.

How does physical gold work in a SIPP?

A SIPP (self-invested personal pension) lets you choose your own investments within HMRC rules. Because you direct the investments, a SIPP is an "investment-regulated pension scheme", and such schemes face heavy tax charges if they hold "taxable property": residential property and most tangible moveable property, meaning physical things such as art, wine, classic cars or coins.

HMRC's Pensions Tax Manual makes one exception that matters here. It says: "Investment grade gold bullion has been specified." It defines this as "gold of a purity not less than 995 thousandths that is in a form of a bar or a wafer" and "of a weight accepted by the bullion markets". So a SIPP can hold gold bars or wafers of at least 99.5% purity without triggering the taxable property charges. Coins fall outside that wording.

Who offers physical gold in a pension?

Not every SIPP provider allows bullion. Where it is allowed, the gold is bought and held by the pension scheme, in a vault, never by you at home. The Royal Mint's Gold for Pensions service is one example: it works with a list of pre-approved SIPP and SSAS providers (an SSAS is a small company pension scheme), and stores the gold in its vault, The Vault®. It offers these formats only:

The Royal Mint says "no other format or metal is available to be held within pensions" and that it does not give advice. Your SIPP provider's account and dealing fees are charged separately. Read more in our Royal Mint buying guide and Royal Mint review.

What does gold in a SIPP or ISA really cost?

Costs stack up in layers, and in a pension they run for many years, so small percentages matter. Here is what to expect, with figures only where a provider publishes them.

A worked example: on £20,000 of bars stored at 1% plus VAT (20%), storage alone would be £240 a year, about £2,400 over ten years before any change in the gold price. That is why storage fees deserve as much attention as the purchase premium. Our UK gold storage guide compares vault costs outside pensions, and BullionVault vs The Royal Mint compares two vaulted services.

What are the pros and cons?

Regulated or unregulated: what protection do you get?

This is the part most sales pages skip. The FCA says direct investments in commodities such as gold are not regulated by it. The Royal Mint states on its pension page that "Investments in physical Bullion products are not regulated by the Financial Conduct Authority so the protections offered by the Financial Ombudsman and the Financial Services Compensation Scheme are not applicable."

The wrapper is different. SIPP operators and ISA managers are FCA-authorised firms, so if the provider itself fails or treats you unfairly, you may have access to the Financial Ombudsman Service or the FSCS, within their limits. ETCs are listed securities, but the FCA notes that protection never applies just because an investment performs poorly. Before you use any provider, the FCA suggests five questions, including "Are my investments regulated?" and "Should I get financial advice?" (FCA InvestSmart). Check any firm on the FCA Register.

Be wary of cold calls offering to move your pension into gold. The FCA lists "unusual investments, which tend to be unregulated and high risk" and promises of "a guaranteed better return" as signs of pension scams.

How to look into gold in a SIPP or ISA, step by step

1. Decide which form you mean: physical bars (SIPP only) or a listed gold product (ISA or SIPP).
2. Ask your current provider whether it allows bullion or which gold ETCs and funds it offers. Many do not offer bullion.
3. Check the firms on the FCA Register, and read the product's key information document if it is an ETC or fund.
4. Add up every fee: wrapper, dealing, storage or ongoing charge, and selling costs, over the years you plan to hold.
5. Think about advice. Pension transfers and big changes to how your pension is invested are areas where regulated financial advice can help.

If you would rather own gold outright, outside a wrapper, our guide to the best places to buy gold in the UK compares dealer premiums, and the UK gold tax guide explains VAT and capital gains tax on bars and coins. Prices are on our UK gold price page. Canadian readers can see gold in an RRSP or TFSA.

Not financial advice. GoldVetted provides general information to help you compare options. It is not personal financial, tax or legal advice. Gold prices go down as well as up, and you may get back less than you pay. Check tax rules with the official source or a qualified adviser before you act.