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Zakat is obligatory on every Muslim who fulfills the two conditions necessary for its payment.

1) Your wealth has to reach the nisaab - (the minimum amount of wealth that one must possess before the Zakat becomes obligatory).

2) You possess wealth above the nisaab, for a period of one lunar year. If both conditions are met then you are required to pay Zakat at the rate of 2.5%. The nisaab is the equivalent of 85 grammes of 24 carat gold. (£6,674 as of 15 April 2025)

See https://grgold.com/uk-gold-price-per-gram#
for live prices on gold.