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

1) Your wealth has to reach the nisaab – (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 equivalence of 85 grammes of 24 carat gold.  (£4,598 as of 7 March 2024)

See https://www.livepriceofgold.com/uk-gold-price-per-gram.html for live prices on gold.