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.
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