Question / Discussion Tax tax tax!

[nate99]

Hi guys. So I've been wondering about the Capital Gains tax for personal possessions.

1. As I understand it you can sell under £6000 for 'certain' personal items without filling out any forms/informing ?

Is this correct?

2. Is this in addition to the £1000 trading allowance?

I wanted to sell some of my own personal musical items - under £6000 (Not antique). So I can go ahead without any form filling?

Thanks

Nate

 

[Jon]

Hi guys. So I've been wondering about the Capital Gains tax for personal possessions.

1. As I understand it you can sell under £6000 for 'certain' personal items without filling out any forms/informing ?

Is this correct?

2. Is this in addition to the £1000 trading allowance?

I wanted to sell some of my own personal musical items - under £6000 (Not antique). So I can go ahead without any form filling?

Thanks

Nate

This should answer your questions

What tax do you pay if you sell on eBay? – TaxScouts

You might have never heard of eBay tax, but it's a thing, which means your eBay earnings are not always tax-free.

taxscouts.com

 

[nate99]

Thanks Jon. Still not completely clear about the Capital Gains question though.

 

[Jon]

Thanks Jon. Still not completely clear about the Capital Gains question though.

Have you tried asking HMRC over their live chat function?

 

[nate99]

Ah! Didn't know they have a live chat function! Thanks

 

[homie]

Unless you have other capital gains then

I wanted to sell some of my own personal musical items - under £6000 (Not antique). So I can go ahead without any form filling?

Thanks

Nate

Yes. That won't be taxable.

Even it was the annual CGT allowance is £12,000. Most people will never pay CGT. Getting lucky with crypto is probably the most likely thing to push you into CGT these days.

 

[nate99]

Unless you have other capital gains then

Yes. That won't be taxable.

Even it was the annual CGT allowance is £12,000. Most people will never pay CGT. Getting lucky with crypto is probably the most likely thing to push you into CGT these days.

Thanks homie