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.
Latest News
- Small companies required to file profit and loss when new Bill becomes law - September 26, 2023
- Companies House fees expected to rise to fund new powers - September 21, 2023
- Retirees set for second bumper State Pension hike as pay inflation soars - September 19, 2023
- Clampdown on hidden online fees to help shoppers cut costs - September 14, 2023
- One in five strips back pension contributions or halts them altogether - September 12, 2023
- Trying to track down a pension? Help is at hand - September 7, 2023
- Tax Diary September/October 2023 - September 5, 2023
- Class 2 and 4 NIC for the self-employed - September 5, 2023