Demand for gold has soared as investors look to cash in on rising prices and avoid higher taxes.
Sales of gold coins – which are not subject to capital gains tax (CGT) – were three times higher between October and December than in the same period of 2023, according to The Royal Mint.
The surge in demand came as the price soared to a record high of close to $2800 an ounce at the end of October – up 30 per cent on a year earlier.
The Royal Mint said buying was also spurred by the hunt for ‘tax-efficient investments’.
In the Budget in October, Chancellor Rachel Reeves raised CGT – which is paid on the profits made on assets and investments, like stocks, property or art when they are sold – from 10 per cent to 18 per cent at the lower rate and from 20 per cent to 24 per cent for higher earners.
Regular gold is not exempt from CGT but as legal tender, bullion coins sold by the Royal Mint are.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
