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- Many sellers offer free collection, especially for large items which may be difficult to post. You can collect the item in person, inspect it before you take it home, and save money by not having to pay for postage. As of 1 October 2024, cash on pickup is no longer available as an option for collection in person.
www.ebay.co.uk/help/buying/postage-delivery/changing-delivery-address-method/local-pickup?id=4056
People also ask
Do I have to pay income tax if I Sell my Stuff?
Do I need to include personal possessions in my tax return?
Do I have to pay tax if I sell a house?
Can I sell a collection if I have a £6K exemption?
Do I need to pay tax on possessions?
Do I need to report a sale to HMRC?
Jan 21, 2024 · Guy Sterling, a tax partner at Moore Kingston Smith says: “There is special relief for chattels, and disposals only need to be reported if the proceeds from the sale of an individual item exceeds £6,000.” You also don’t need to pay CGT on so-called ‘wasting assets’.
- Part 1 Introduction
- Disposals of A Single Personal Possession
- Sets of Personal Possessions
- Wasting Assets
- Business Assets
There are special CGTrules for ‘chattels’. They are items of tangible, movable property — something you can both touch and move. Your personal possessions will normally be tangible, movable property, including: 1. items of household furniture 2. paintings, antiques, items of crockery and china, plate and silverware 3. motor cars, lorries, motorcycl...
How to calculate gains and losses
You do not need to calculate any gain on the disposal of a personal possession if the disposal proceeds did not exceed £6,000. If the proceeds exceeded £6,000 but were not more than £15,000, the amount of the gain to return depends on the amount of the: 1. disposal proceeds 2. actual gain To find out the gain to include in the CGTsummary pages, work through the following steps. If the proceeds were more than £15,000 work out your chargeable gain simply using the Capital gains summary notes.
What happens if a loss is made
You cannot claim a loss on the disposal of your private car or, in most cases, if the personal possession was a wasting asset. Wasting assets are covered in Part 4 of this helpsheet. The amount you can claim as a loss on the disposal of a personal possession also depends on the amount of the disposal proceeds. If the disposal proceeds were less than £6,000, then your loss is restricted by treating the disposal proceeds as £6,000 and recalculating the loss on the disposal. If the disposal proc...
The normal rules for calculating gains or losses on the disposal of a personal possession may not apply if you dispose of a ‘set’ of personal possessions.
A wasting asset is an asset with a predictable life of 50 years or less. When you dispose of an asset, you estimate its predictable life based on the nature of the asset and your intended use of the asset when you originally acquired it. Certain personal possessions are always treated as wasting assets, for example, plant or machinery. Any gain or ...
If you dispose of a personal possession which is a wasting asset that you’ve used in a business, trade, profession or vocation and you have, or could have, claimed capital allowances for it, then any gain you make will not be exempt and must be included on your tax return. This also applies to a personal possession which had a predictable life of m...
Possessions you may need to pay tax on include: jewellery; paintings; antiques; coins and stamps; sets of things, eg matching vases or chessmen
- 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. Posse...
- Your gain is usually the difference between what you paid for your personal possession and what you sold it for. Use the market value instead if: i...
- You don’t have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years. This covers all machinery, and includes thin...
- If you sell all or part of a set to the same person for less than £6,000, you won’t pay tax. If you sell parts of a set to different people, you wo...
Jan 4, 2012 · The £6k exemption in such a case applies to the collection and not individual items. Trading doesn't appear to come into it - but CGT is a definite potential depending on value. But selling within the annual allowance should be possible.
Jan 3, 2024 · If you are just selling some unwanted items that have been laying around your home, such as the contents of a loft or garage, it is unlikely that you will have to pay tax.
May 9, 2024 · Whether you’re decluttering your home or running a side business, it’s essential to understand when your activities could result in a tax obligation. This post is designed to clarify these situations, ensuring you can trade on eBay confidently and compliantly.
Firstly, there is the £6,000 rule. This rule states that where both the proceeds and cost of an asset do not exceed £6,000 – a resulting gain on the disposal of the asset is exempt for CGT purposes.
