Tax advice !

robinslostagain81 · 6 February at 11:35AM

Here is my situation i hope you can help. I lost my job a while ago due to my eyesight getting very bad and my partner works and i look after our 3 kids. I use to have a high paying job and have a large collection of models(basically toy soldiers i know its sad) and decided to sell them as times were hard.

I sold them on ebay and have continued to do so. They are valuable I have slowly sold about half the collection so far and its made about 25k. now i thought that you dont have to pay tax on your own stuff when your just selling old assets ?

do i have to declare this or something ? i have always had a salaried job and never had to declar stuff. and advice would be appreciated.

LITRG · 6 February at 11:50AM

Hello. We are the Low Incomes Tax Reform Group (LITRG), part of the Chartered Institute of Taxation who are an educational charity. We are not part of HMRC or MSE. Although we can’t give individual advice, you might find our website information about selling valuable personal items useful: https://www.litrg.org.uk/savings-property/capital-gains-tax/selling-shares-and-other-assets#4. If you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here: https://www.litrg.org.uk/tax-nic/getting-help-tax. Thanks.

tacpot12 · 6 February at 1:36PM

You only have to declare items for Capital Gains Tax if a single item (or a set of items) is sold for more than £6000.

There is advice about this, and about what constitutes a set at Capital Gains Tax on personal possessions: Possessions that are part of a set - GOV.UK and on the LITRG website.

This isn't income as you are selling your personal possessions (and not the stock of a business), so there is no income to pay, and nothing to declare. Do make sure you keep good records though; this might come in handy if you need to evidence where the money has come from.