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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 in 2023, according to The Royal Mint.
The surge in demand came as the price soared to an all-time high of nearly $2,800 an ounce in late October, up 30 percent from a year earlier.
The Royal Mint said the purchases were also driven by the search for “tax-efficient investments”.
In the October Budget, Chancellor Rachel Reeves increased CGT – which is paid on profits made on assets and investments, such as shares, property or artwork when sold – from 10 per cent to 18 per cent at the highest rate. low and from 20 percent to 20 percent. percent to 24 percent for top earners.
Regular gold is not exempt from CGT, but as legal tender, bullion coins sold by the Royal Mint are.
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