Zakat is the third pillar of Islam.

It denotes the amount of wealth a Muslim must pay to certain groups of underprivileged people. Zakat itself is neither a tax nor a charity but instead a compulsory act of worship stipulated by Allah (swt) which signifies the responsibility and duty the rich have towards the poor.

As of 2024:

Nisab on gold is 87.48g / 7.5 Tolas (11.66g) valued at £4,523.44 (variable).
Nisab on silver is 52.5 Tolas (612.36g) valued at £350 (variable).

Zakat is due on the total amount including Nisab.

The Nisab on cash is worked out by sliver value, which means if someone had a saving of £350 or more for full year then he/she will pay 2.5% Zakat. One should pay £2.50 on each hundred as Zakat.

Please refer to the following links regarding calculating Zakat in sha Allah:

https://muslimhands.org.uk/zakat/how-to-calculate-zakat
https://muslimhands.org.uk/zakat/calculator

Please feel free to read more, calculate, and pay your Zakat here.

For any further questions, please refer to your local Imam.