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Selling a personal item
jimmysmash
Posts: 9 Forumite
in Cutting tax
I’m a self-employed musician. I’m considering selling a musical instrument given to me as a gift by a family member many years ago. I’ve never used the instrument professionally and don’t consider it part of my business, it’s been purely a personal item. I have no idea what amount it was originally purchased for but it does have some value (circa £2000) and I would like to sell it to fund a new hobby. Is this something I have to declare for capital gains?
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Comments
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No, While some items are liable to CGT (and only if the proceeds exceed £6500) this is not one of them.0
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Righto, that’s handy to know. Thanks for the info.0
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To be pedantic, it's £6,000, and a musical instrument worth over £6,000 would be caught, unless its predictable life was under 50 years (for a non-business instrument). See https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/hs293-chattels-and-capital-gains-tax-2019purdyoaten2 said:No, While some items are liable to CGT (and only if the proceeds exceed £6500) this is not one of them.1 -
Yep - typo - again. The 50 year rule rings bells!0
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Thanks both for your help.
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