CGT On jewellery

edited March 28 in Technical stuff

The GOV website says:

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.

If someone sold 2 watches in the same tax year with £4,000 profit each, will they need to consider their CGT position?

I would have thought you add all these sales up during the year, but the wording is singular 'a personal possession'.

Comments

  • JonaJona Member

    I think the £6K figure is to gain a CGT exemption on disposal of a chattel. If the gain is more than that then it falls into the CGT calc - then there is a further calc to do around actual gain v five thirds.

    I think.....

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