Demand for tax-efficient gold is surging in the UK as investors brace for the upcoming 26th November Budget. Our sales at Solomon Global in October 2025 jumped 122% year-on-year, marking the strongest month in the company’s history. September also saw an 85% uplift compared with the previous year, signalling sustained momentum in the run-up to potential tax changes.
This spike is fuelled largely by concerns over further adjustments to the Capital Gains Tax (CGT) regime, following last year’s increase in both the lower and higher CGT rates. Of more than 10,000 website visitors surveyed, 45.97% in H2 2025 said gold’s tax-free status was their primary reason for exploring the asset – up sharply from 41.89% in H1 2025 and 37.51% in H2 2024.
In the UK, certain bullion coins from The Royal Mint are exempt from CGT, with no cap on the gain that can be realised tax-free. Investment gold is also VAT-exempt, adding to its appeal.
Interestingly, despite gold appreciating 57% since January and forecasts from JP Morgan suggesting prices could exceed $5,000 by late 2026, only 23.98% of surveyed investors in H2 cited annual growth as their main motivation. Instead, investors focused on tax efficiency, wealth protection (23.62%), and gold’s role as an inflation hedge (6.43%).
Paul Williams, managing director at Solomon Global, says the climate of economic uncertainty is driving the shift:
“Uncertainty and fear abound ahead of the Budget… raids on people’s pockets could come from anywhere. It’s apparent that gold continues to stand out to investors as a stable, tax-efficient asset, offering refuge amid the UK’s economic chaos.”
As Budget Day approaches, all signs suggest that the flight to tax-free gold is far from over.
Further reading:
Daily Express | Rachel Reeves’ upcoming Budget sparks rush for 1 product
Yahoo Finance! | Solomon Global: UK Investors Pile into Gold Ahead of Reeves’ Budget
Watchpro | UK investors pile into gold ahead of tomorrow’s Budget
Professional Jeweller | UK investors pile into gold ahead of next week’s Budget
Disclaimer: This blog is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.
