Capital Gains Tax on personal possessions
What you pay it on
You may have to pay Capital Gains Tax if you make a profit (바카라 사이트˜gain바카라 사이트™) when you sell (or 바카라 사이트˜dispose of바카라 사이트™) a personal possession for £6,000 or more.
Possessions you may need to pay tax on include:
- jewellery
- paintings
- antiques
- coins and stamps
- sets of things, eg matching vases or chessmen
You바카라 사이트™ll need to work out your gain to find out whether you need to pay tax.
When you don바카라 사이트™t pay it
You don바카라 사이트™t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.
You don바카라 사이트™t pay Capital Gains Tax on:
- your car - unless you바카라 사이트™ve used it for business
- anything with a limited lifespan, eg clocks - unless used for business
Jointly owned possessions
You바카라 사이트™re exempt from paying tax on the first £6,000 of your share if you own a possession with other people.