ToastedWheatie is on the right track. More specifically, your button is a British Army "general service" uniform button... and even more specifically, it is the version used from 1902 to 1952. For confirmation, go here, and scroll down the page to "General Service & Named Regiments" uniform buttons: Militarynamedregs
Having found a few WWI General Service buttons here in Canada, the back loop looks similar in date.
Here's a pic of the back of one of the examples I found in 2017.
The one you found looks to be on the small side, so maybe a cuff button from a uniform.
Dave