There are certain circumstances when you will pay Capital Gains Tax when selling personal possessions.<\/p>\n
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.<\/p>\n
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.<\/p>\n
You will need to work out your gain to find out whether you need to pay tax.<\/p>\n
In most cases, you do not need to pay tax on gifts to your husband, wife, civil partner or a charity.<\/p>\n
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.<\/p>\n
You are also exempt from paying tax on the first £6,000 of your share if you own a possession with other people.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1225","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-left-layout","blog-style-postblock","","blog-alt-odd"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1225"}],"version-history":[{"count":0,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1225\/revisions"}],"wp:attachment":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1225"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}