{"id":1027,"date":"2022-08-02T00:00:00","date_gmt":"2022-08-01T23:00:00","guid":{"rendered":"https:\/\/duffyregan.co.uk\/index.php\/2022\/08\/02\/tax-when-selling-personal-possessions\/"},"modified":"2022-08-02T00:00:00","modified_gmt":"2022-08-01T23:00:00","slug":"tax-when-selling-personal-possessions","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2022\/08\/02\/tax-when-selling-personal-possessions\/","title":{"rendered":"Tax when selling personal possessions"},"content":{"rendered":"<p>There are certain circumstances when you will pay Capital Gains Tax when selling personal possessions.<\/p>\n<p>You may have to pay Capital Gains Tax if you make a profit (&lsquo;gain&rsquo;) when you sell (or &lsquo;dispose of&rsquo;) a personal possession for &pound;6,000 or more.<\/p>\n<p>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<p>You will need to work out your gain to find out whether you need to pay tax.<\/p>\n<p>In most cases, you do not need to pay tax on gifts to your husband, wife, civil partner or a charity.<\/p>\n<p>Also, you do not pay Capital Gains Tax when you sell your car &#8211; unless you have used it for business, or anything with a limited lifespan, e.g., clocks &#8211; unless used for business purposes.<\/p>\n<p>You are also exempt from paying tax on the first &pound;6,000 of your share if you own a possession with other people.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>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 (&lsquo;gain&rsquo;) when you sell (or &lsquo;dispose of&rsquo;) a personal possession for &pound;6,000 or more. For example, you may need to pay tax on sale of personally owned [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1027","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1027"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1027\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1027"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}