One of the most common questions before selling gold jewellery is: do you have to pay tax on the profit? Many people leave jewellery sitting in a drawer simply out of uncertainty, even though the answer is usually simple — and favourable to the seller.
This article covers Finnish income tax legislation in general terms as of the time of writing, and is not personal tax advice. If your situation is unusual (e.g. large quantities, business activity, or estate property), check your own situation directly with the Finnish Tax Administration.
Basic rule: selling gold is tax-free as long as the €5,000 threshold isn't exceeded
Under the Finnish Income Tax Act (Section 48), profit from selling ordinary household property is tax-free until the combined sale prices of household property sold in the same tax year exceed €5,000. Only the amount exceeding that is taxable capital income.
According to the Finnish Tax Administration, old gold jewellery and rings that have been in personal use count specifically as household property — the same category as clothing, dishware and furniture. In practice, this means the vast majority of jewellery sold to us falls outside taxation entirely, because the sale price stays well under €5,000.
The threshold is personal, so if you sell jewellery together with your spouse, each of your €5,000 thresholds is calculated separately.
When do you have to pay tax?
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Household property and gold jewellery sale prices exceed €5,000 per year
Only the amount exceeding €5,000 is taxable. If you sell, for example, €6,000 worth of jewellery in the same year, €1,000 is taxable — not the whole amount.
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You sell investment gold (bars or investment coins)
Investment gold isn't household property, so the €5,000 threshold doesn't apply to it. See more below.
The amount exceeding the threshold is taxed as capital gains, at a capital income tax rate of 30% (34% on capital income above €30,000).
What about investment gold and silver? Is selling them tax-free?
If you sell investment bars or coins, the situation is different from jewellery, rings and other previously used items. Investment gold isn't classified as ordinary household property, so its sale profit is in principle taxable capital income from the first euro.
There is, however, a small exception: under the Income Tax Act's general rule for minor transfers (Section 48, subsection 6), a private individual's capital gains are entirely tax-free if the combined sale prices of all property sold during the tax year amount to no more than €1,000. This €1,000 threshold is separate from the €5,000 household-property threshold mentioned above, and it applies, for example, to small quantities of investment gold and silver.
Note: jewellery vs. investment gold is the key distinction. A gold ring or necklace that has been in personal use counts as household property, even if it's valuable. A plain investment bar or coin does not.
How capital gains are calculated
If you exceed the tax-free threshold, the taxable profit is simply calculated as the difference between the sale price and the acquisition cost: what you received from the sale, minus what you originally paid for the item.
Most people, however, no longer have a decades-old receipt for, say, an inherited piece of jewellery. For this, the law provides a presumed acquisition cost: if you can't show the actual purchase price, you can deduct from the sale price:
- 20% of the sale price if you've owned the item for less than 10 years
- 40% of the sale price if you've owned it for 10 years or more
The remainder is then treated as profit. In practice, this significantly reduces the taxable amount when the item's original acquisition cost is unknown or very small compared with the current value of gold.
Selling gold is easy
Our offer and payment are always based on the pure weight of the gold and the current world market price. Even though in most cases no tax needs to be paid, you'll always receive a receipt for the gold we buy from you.
It's worth keeping the receipt and offer breakdown you receive from Gold Lab, as it serves as documentation of the realised sale price if you ever need to calculate capital gains — for example if you sell several batches during the same year and are close to the €5,000 threshold.
This article is not tax advice, but general information based on the legislation at the time of writing. The seller is always responsible for their own taxation and for reporting any capital gains. Check your situation with the Finnish Tax Administration or your accountant.