Tax when selling personal possessions

There are certain circumstances when you will pay Capital Gains Tax when selling personal possessions.

You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

For example, you may need to pay tax on sale of personally owned jewellery, paintings, antiques, coins and stamps, or sets of things, e.g., matching vases or chessmen.

You will need to work out your gain to find out whether you need to pay tax.

In most cases, you do not need to pay tax on gifts to your husband, wife, civil partner or a charity.

Also, you do not pay Capital Gains Tax when you sell your car – unless you have used it for business, or anything with a limited lifespan, e.g., clocks – unless used for business purposes.

You are also exempt from paying tax on the first £6,000 of your share if you own a possession with other people.

Share:

Accounting in Sheffield and Doncaster Certificates

Recently Added News

Competitive disadvantages

The new Economic Crime and Corporate Transparency Act mandates that small companies and micro-entities will have to file at Companies House accounts, that for the

Read More »

Related News

Register an overseas company

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that

Time to renew tax credits

HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients to renew their tax credits

New law on tipping

Millions of UK workers will take home an estimated £200 million more of their hard-earned cash, as employers are banned from withholding tips under the

Quick Links

Web + SEO - LoudCrowd