Sales of gold coins have more than doubled as Brits scramble to shield their savings from tax hikes.

Figures from the Royal Mint reveal a surge in precious metals investing in the first three months of the financial year, with gold, silver and platinum transactions hitting record highs.

Online sales of bullion coins leapt by 115% compared to the same period last year, amid fears of changes to Capital gains tax.

The rush has been fuelled by gold hitting a record £2,500 an ounce in April – sparking what the Mint called “unprecedented engagement” from investors looking to secure profits free of tax.

One customer reportedly bought gold coins in October 2024 and cashed out in June this year with a £70,000 profit – entirely free from Capital gains tax due to bullion’s exemption when classed as legal tender.

Gold is a winner for those who want to limit tax bills

Gold can be a very attractive investment for UK savers specifically because of how it’s treated for Capital gains tax (CGT) – but this only applies to certain types of gold.

British gold coins such as Sovereigns and Britannias are free of CGT because they are classed as legal tender in the UK.

That means any profit made on their sale is completely exempt from Capital gains tax, no matter how much their value has increased.

So if you bought £10,000 worth of Sovereigns and sold them years later for £80,000, you’d owe no CGT whatsoever – even though your gain is £70,000.

This is not the case for gold bars, foreign coins (like Krugerrands or American Eagles), or most forms of silver and platinum

There’s no CGT threshold or cap for these exempt coins. Normally, individuals pay CGT if their total capital gains exceed £3,000 (2025/26 threshold), taxed at 10% or 20%, depending on income. But with Sovereigns and Britannias, there’s zero tax, regardless of gain or how wealthy you are.

Significantly, there is no need to declare gains to HMRC for exempt coins

Stuart O’Reilly, Market Insights Manager at the Royal Mint, said: “This quarter demonstrated a remarkable evolution in UK precious metals investing.

“We’re seeing strategic behaviour from investors to rebalance portfolios and rotating into silver and platinum.

“The fact that silver and platinum activity has surged alongside gold’s rally shows UK investors are becoming increasingly aware of the value of other precious metals, with silver and platinum often following gold’s lead during major rallies.”

In total, investor activity across the Mint’s website rose by 55% compared to the same period last year.

Demand for DigiGold, its VAT-free digital bullion offering, exploded – with digital silver sales rocketing 1,158% and platinum up 798% year-on-year.

The number of investors selling back to the Mint’s vault also hit an all-time high, as customers looked to lock in gains. Yet gold coin purchases still outweighed sales by six to one – a sign of continued confidence in the metal.

Silver, too, saw a revival, climbing above £27 an ounce in June – the first time it has reached that level since 2011. Sales of silver coins were up 51% year-on-year, while platinum surged by 188%.

The Mint said it was forced to take delivery of vast quantities of bullion bars – including 400oz gold and 1,000oz silver bars – to meet demand and process record levels of sellbacks.

Despite a slight dip in prices since the spring peak, experts say the underlying drivers of demand remain strong – particularly as investors brace for possible tax raids under the new government.