Appetite for tax-free gold has strengthened again as the country braces for the November 26th Budget, according to Solomon Global.
The company, which specialises in the secure delivery of physical gold bars and coins for private ownership, reported a 122% year-on-year increase in sales in October 2025 (the strongest month in the company’s history), compared with October 2024.
Figures for September 2025 versus September 2024 also showed strong momentum, with sales up 85%, underscoring increasing demand for precious metal assets, which are exempt from Capital Gains Tax (CGT), ahead of the Budget.
Based on responses from more than 10,000 visitors to the Solomon Global website, 45.97% of those surveyed in H2 2025 (to date) cited gold’s tax-free status as their primary reason for exploring the asset.
This compares with 41.89% in H1 2025 and 37.51% in H2 2024, indicating that interest in tax-free gold has accelerated sharply as November 26th approaches. This trend follows last year’s Budget, in which the Chancellor raised the lower main rate of CGT from 10% to 18% and the higher main rate from 20% to 24%, and comes amid speculation of further changes to the CGT framework.
In the UK, gold, silver, and platinum bullion coins produced by The Royal Mint are not subject to Capital Gains Tax, and there is also no cap on the amount of gain that can be realised CGT-free on these coins. Additionally, investment gold is exempt from VAT.
Despite gold appreciating 57% since the start of the year and JP Morgan, amongst other institutions, forecasting prices could reach over $5,000 by the fourth quarter of 2026, ‘annual growth’ was only cited as the primary motivation for exploring the asset by 25.8% in H1 of 2025 and 23.98% in H2 of 2025.
Solomon Global Key Findings:
- In H2 of 2025 (so far), 45.97% of respondents cited gold’s ‘tax-free’ status as their top reason for considering the asset
- 23.98% of respondents stated ‘annual growth’ as their biggest motivator for exploring the precious metal
- ‘Wealth protection’ was the key driver for 23.62%
- Gold as an ‘inflation hedge’ was the stimulus for 6.43% of investors
“Uncertainty and fear abound ahead of the Budget with many concerned about what is in Reeves’ sights as she scrambles to plug the budget black hole,” said Paul Williams, managing director of Solomon Global.
“Following her U-turn on a manifesto-breaking income tax hike, raids on people’s pockets could come from anywhere, from a ‘mansion tax’ or ‘settling up’ tax (as part of CGT changes) to new inheritance tax rules, reduced cash ISA allowances, or even a ‘milkshake tax’. 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.”
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