UK Investors Pile into Gold Ahead of Reeves' Budget

Gold bullion supplier sees sales more than double amid rising demand for tax-efficient assets

LONDON, Nov. 20, 2025 /PRNewswire/ -- 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^[i] 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 ^[1] 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."

NOTES TO EDITORS

About Solomon Global

Solomon Global specialises in the secure delivery of physical gold bars and coins for private ownership. The company takes a uniquely consultative approach to purchasing and selling physical gold and silver, regardless of the investment amount. Its simple and tailored strategy is designed to work with beginners and experienced investors alike.

Solomon Global's team of experienced gold and silver consultants are always available to discuss the practical solutions and tax advantages for clients purchasing gold and silver bullion in the UK and assist with any inquiries.

Solomon Global was awarded 'Most Trusted UK Gold Bullion Supplier 2024' at The London Investor Show Awards 2024 and won 'Best UK Gold Bullion Dealer' at ADVFN International Financial Awards 2025.

For any questions about buying or selling gold and silver, contact the team here: https://solomon-global.com/contact/.

Logo: https://mma.prnewswire.com/media/2591619/Solomon_Global_Logo.jpg

For further press information, please contact:
Francesca De Franco
+44 794 125 3135 
[email protected] 
^[ii]

¹ https://www.gov.uk/guidance/gold-acquisitions-imports-investments-and-vat-notice-70121#sect2.
ⁱ Based on the responses of 10,630 people in H2 2024 and H2 2025 (to date).
ⁱⁱ Disclaimer: This press release 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.

SOURCE Solomon Global