Annual valuation of investment gold for tax return

Physical gold is often seen as a safe form of wealth accumulation, but what about the tax on gold? Many private investors wonder if they must declare gold in their tax return, how gold is taxed in the Netherlands, and how much tax they pay on it in Box 3. Especially regarding the 2025 tax return, there is frequent lack of clarity on this subject.

In this article, we explain how the annual valuation of investment gold is determined, when you do not have to declare gold, how the tax authorities assess your gold holdings, and what the fiscal rules are when inheriting gold. We also briefly cover the taxation of other precious metals such as silver, platinum, and palladium.

Do you have to declare gold in your tax return?

In most situations: yes, investment gold must be declared in the tax return. Physical gold is viewed by the tax authorities as part of your assets and thus falls under Box 3 (savings and investments). This applies to both gold coins and gold bars, regardless of whether you store the gold at home or externally.

The tax authorities do not look at your purchase price, but at the value of the gold on the reference date of January 1st. This value counts toward the calculation of your total Box 3 assets.

When must you declare gold?

You must declare gold when it:

• was purchased for the purpose of preserving or growing wealth;
• is easily tradable (such as investment coins or gold bars);
• forms part of your total assets above the tax-free allowance.

In practice, this means that almost all forms of investment gold must be declared in the tax return.

When do you not have to declare gold?

An important exception exists. Gold does not have to be declared when it qualifies as a utilitarian object. Think of jewelry that you actually wear and use. These fall outside Box 3, as long as the use is central and not the investment value.

Please note: Gold jewelry purchased primarily as an investment or store of value (for example, unused jewelry with a high gold value) can still be classified as assets by the tax authorities.

Doubtful cases: what do the tax authorities look at?

In cases of doubt, the tax authorities primarily look at:

• the purpose of possession (use or investment);
• the size and value of the gold holdings;
• the extent to which the gold is structurally used.

Is the primary purpose investment? Then you must almost always declare the gold in Box 3.

Annual reference value of investment gold: current amounts

For the tax return, the moment of purchase is not decisive; the annual reference value of your investment gold is. The tax authorities use one fixed date for this: January 1st of the tax year.

For the 2025 return, this means you must use the value of your gold on January 1st, 2025. This reference value forms the basis for calculating your Box 3 assets. Any price increases or decreases after this date are only taken into account in the next return.

How do you determine the value of gold on the reference date?

The value of investment gold is determined based on the fair market value. In practice, this means:

• the current gold price around January 1st,
• multiplied by the fine weight of the gold.

For gold bars and common investment coins, the melt value is usually used. Any collector or numismatic surplus value usually plays no role for the tax authorities unless it is demonstrably and structurally higher than the gold value.

Gold coins and bars: what should you look for?

• Gold bars: value based on weight and purity (e.g., 99.99%).
• Investment coins: value based on gold content, not on issue price or rarity.
• Storage or location: fiscally, it makes no difference whether the gold is at home or stored externally.

It is wise to record the gold price used and the calculation so that you can substantiate it in case of questions from the tax authorities.

What if the gold price fluctuates strongly?

The gold price can fluctuate around the turn of the year. The tax authorities do not expect an exact rate to the minute, but a reasonable and defensible valuation around the reference date. Therefore, use:

• an average daily rate for January 1st, or
• a generally recognized market price from a reliable source.

As long as you proceed consistently and with substantiation, you meet the fiscal obligations.

Investment gold must usually be declared in the tax return and falls under Box 3.

2025 Tax Return: use these amounts for your return

The rates below are expressed in euros per kilogram. You calculate the value of your holdings using these rates and the weight of the precious metal you own. The tax authorities always use the exchange value of January 1st.

The Silver Mountain accepts no responsibility for any errors and/or imperfections that may occur in your tax return as a result of this or otherwise.

Gold price January 1st

The gold price that you report to the tax authorities is determined on 1 January. The London Bullion Market Association (LBMA) is responsible for setting global benchmarks. The annual benchmark value of gold is based on this. In recent years, the benchmark value of gold looked like this:

Find the current gold price here.

Silver price January 1st

As with gold, the reference value of investment silver is determined for the tax authorities on January 1. The silver price has historically been more volatile than the gold price, which can also be seen in the table below:

Find the current silver price here.

Platinum price January 1st

Find the current platinum price here.

Palladium price January 1st

How is gold taxed in the Netherlands? (Box 3 explained)

In the Netherlands, physical gold is not taxed via income tax, but via Box 3: savings and investments. This means you pay no tax on the profit when selling gold and no VAT on investment gold. Instead, your gold holdings are seen as part of your wealth.

Gold falls under Box 3

The tax authorities (Belastingdienst) consider investment gold as an asset in Box 3. This applies to:

• gold bars,
• investment coins,
• and gold stored externally.

It makes no fiscal difference where the gold is located or through which party you purchased it. As long as you are the owner, the value counts toward your Box 3 assets.

Fixed return instead of actual profit

In Box 3, the actual return on gold is not examined, but rather a "notional" or fixed return. The tax authorities assume you achieve a certain (fictitious) return on your total assets, regardless of whether the gold price has risen or fallen.

The tax is calculated based on:

• the value of your assets (including gold) on January 1st;
• minus any debts;
• minus the tax-free allowance;
• multiplied by the established notional return and the applicable tax rate.

No tax on the sale of gold

An important advantage of gold is that you pay no tax upon sale, as long as you act as a private individual. Capital gains on gold are not taxed in Box 1 or Box 2. However, the sales proceeds may affect your Box 3 assets at the next reference date.

Gold compared to other investments

In Box 3, no distinction is made between gold and other investments such as shares or funds. However, gold falls within the category of "other assets," for which a different notional return usually applies than, for example, savings.

How much tax do you pay on gold?

The question “how much tax do you pay on gold?” has no fixed answer, because you do not pay a separate tax on gold. The tax is calculated on your total assets in Box 3, of which gold can be a part.

No fixed tax per gram or coin

In the Netherlands, there is no specific gold tax per gram, coin, or bar. You also pay:

• no VAT on investment gold;
• no income tax on capital gains upon sale.

Instead, the value of your gold on the reference date (January 1st) counts toward your total Box 3 assets. If you have few other assets besides gold and your total assets remain below the tax-free allowance, you pay no tax on gold, even if you own physical gold.

Not declaring gold to the tax authorities: what are the risks?

Knowingly or unknowingly failing to declare investment gold in the tax return can have fiscal consequences. Because gold falls under Box 3 in most cases, the tax authorities expect this wealth to be correctly reported.

When does a risk arise?

A risk arises when:

• you own investment gold and do not declare it in Box 3;
• the gold is clearly intended as a store of wealth;
• your total assets exceed the tax-free allowance.

In those cases, omitting gold holdings can be seen as an incorrect declaration.

Possible consequences of an audit

If the tax authorities determine that gold was wrongly omitted, they can:

• issue a supplementary assessment;
• collect the tax due;
• charge tax interest;
• and in some cases, impose a fine.

The magnitude of these corrections depends on the size of the undeclared assets and whether there was intent or a mistake.

How traceable is gold ownership?

Physical gold is often seen as anonymous, but in practice, gold ownership is not always invisible. Purchase invoices, insurance, external storage, or transactions with recognized dealers can trigger questions during an audit.

Additionally, the tax authorities increasingly exchange information with other agencies, making wealth positions more transparent.

The value on January 1st (reference date) determines how much gold counts toward your assets.

Inheriting gold: how does the tax work?

When you inherit gold, you will have to deal with inheritance tax. Gold is part of the estate and is viewed by the tax authorities as an asset. The value of the inherited gold therefore counts toward determining the inheritance tax you may have to pay.

Valuation when inheriting gold

The value of the gold is determined as of the date of the deceased's passing. This is based on the market value of the gold at that moment, usually based on:

• the current gold price;
• the fine weight and purity of the gold.

As with the annual tax return, any collector's value usually plays no role unless it is demonstrably higher than the melt value.

How much inheritance tax do you pay on gold?

The amount of inheritance tax depends on:

• your relationship to the deceased (partner, child, grandchild, or other heir);
• the total value of the inheritance;
• the applicable exemptions and rates.

Gold is not taxed separately but counts toward the total value of the estate. Depending on the situation, this may result in higher inheritance tax.

After the inheritance: Box 3

After the estate is settled, the gold becomes your property. From that moment on:

• the gold falls under your Box 3 assets;
• it must be declared in the next tax return;
• the reference date of January 1st applies for valuation.

If you decide to sell the gold after receiving it, you pay no tax on the capital gains, but the proceeds will count as assets on the next reference date.

Tax on other precious metals

In addition to gold, investors also choose other precious metals such as silver, platinum, and palladium. Fiscally, these metals are treated largely the same as gold, but there are some important differences to keep in mind.

Tax on silver

Silver is also classified as an asset by the tax authorities and thus falls under Box 3. As with gold:

• the value on January 1st is decisive;
• you pay no tax on capital gains upon sale.

The reference value for silver for 01-01-2025 is: 897.50 euro

An important difference is that silver is not VAT-free upon purchase for private individuals. This does not affect the Box 3 tax, but it does affect the total purchase costs. Fiscally, silver then counts as an asset at the market value on the reference date.

Tax on platinum

Platinum is seen as an investment metal and also falls under Box 3. The value is determined based on:

• the market price on the reference date;
• the weight and purity of the metal.

The reference value for platinum for 01-01-2025 is: 28,790.70 euro

For platinum as well, you pay no income tax on capital gains, but the value counts toward your total assets.

Tax on palladium

Palladium is treated fiscally the same as platinum. The metal falls under Box 3 and is valued at the market value on January 1st. Due to sometimes strong price fluctuations of palladium, it is extra important to use a well-substantiated valuation around the reference date.

The reference value for palladium for 01-01-2025 is: 28,279.14 euro

Want to know more about income tax and precious metals?

Would you like to delve deeper into fiscal questions surrounding precious metals? Please also view our customer service page on income tax and precious metals, where we further explain practical questions.

Video: expert Rolf van Zanten explains

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Conclusion: declaring gold when filling out your tax return

Physical gold can play a valuable role within your wealth but also brings fiscal obligations. In the Netherlands, investment gold falls under Box 3 in most cases, where the annual reference value on January 1st is decisive for taxation.

By correctly declaring your gold holdings, you avoid fiscal risks and unexpected corrections afterward. This applies not only to gold but also to other precious metals such as silver, platinum, and palladium. With a good understanding of the rules, you can file your tax return carefully and with confidence.