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Need advice on who to get advice from.......?

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  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    Intrugued to know what's in the collection to make it so valuable? 
  • Keep_pedalling
    Keep_pedalling Posts: 20,875 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Yes, certainly nothing for you or your sister to declare on your tax return, and you're free to bank the gift.
    But note the possibility that CGT may be due on your mother if the model car collection was valued on your father's death and achieves significantly more at auction.
    CGT on personal possessions does not apply to individual items under £6k, and as this is a collection of model cars I would imaging few is any of them would exceed that value.
  • probate_slave
    probate_slave Posts: 64 Forumite
    10 Posts Name Dropper
    edited 14 June at 8:58PM
    Well, £50-60k was mentioned in the OP, and I assumed the collection will be sold as a set.
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