CGT are clothes more tha. 50 years old a depreciating asset?

Hello, hope someone may be able to help me? Over 50 years ago we were given a suitcase of clothes by a relative. They've been stuck in a cupboard since then with the occasional 'try on' session.  We've had a clear out and taken the clothes to auction.  Surprisingly they made some good money more than the personal allowance for potential CGT. My questions are does anyone know if these even need to be declared as they are over 50 years old and were a personal gift. Or if they do need to be declared whether thesr can be considered as a depreciating asset? Thanks 

Comments

  • uknick
    uknick Posts: 1,606
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    They're normally a depreciating asset.  I suppose if they had some special historical significance, such as when Princess Diana's dresses get sold, they might be subject to CGT but I assume that's unlikely in your case.

    The other question is, would you be considered a trader?  Again, unlikely if this is the only time you've sold items on eBay/auction etc.. 
  • Jeremy535897
    Jeremy535897 Posts: 10,375
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    There is no possibility at all that someone selling a suitcase of clothes they were given over 50 years ago is a trader.

    As for capital gains tax, each item of clothing would be regarded as a separate asset, unless they were clearly a set (like matching jacket and trousers), so it is inconceivable any of them would fetch enough (£6,000) to be potentially liable for tax, even if the depreciating asset rule didn't apply.
  • Thanks Mick and Jeremy for your kind responses. If they belonged to someone well known would this make a difference do you think? They were literally just clothes that were surplus to requirment! 
  • Jeremy535897
    Jeremy535897 Posts: 10,375
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    madgebill said:
    Thanks Mick and Jeremy for your kind responses. If they belonged to someone well known would this make a difference do you think? They were literally just clothes that were surplus to requirment! 
    Unless you sold any item (or set of items) for more than £6,000, it wouldn't matter.
    https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/chattels-and-capital-gains-tax-2021-hs293
  • Thanks Jeremy!
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