Advice wanted on CGT on assessts

chiptech81

Hi

I have recently sold a few items on ebay for my dad, he has been collecting antiques and collectables for the past 30 years, as hes now near retiring age he wants to sell them to fund his retirement.

Due to the high rates ebay charge for selling, i am looking into having an ecommerce website created to sell these, as you can imagine 30 years of collecting is a lot of items.

I have looked into CGT rules and have found the Antiques are exempt from CGT as long as they are individualy worth less than £6,000 which they are. I have also read that they are also exempt from CGT - is this correct?

If they are exempt does that mean there is no limit on how much money is accumilated during a tax year or does the £9,200 limit still stand?

Is the CGT limit of £9,200 added on top of yearly wage or is it total earnings including wage?, as the website will be registered to me and i currently work full time, my wage is already over the CGT limit, will i have to pay tax?


Thanks

dzug

The £9200 is the amount of GAINS you can have in a year - not the total amount of money received from the sales. It is an allowance independent of your father's other tax allowances.

So if antiques, etc, are exempt from CGT they do not count against the allowance.

The disposal is being done by your father - not you. It doesn't affect your own taxes in any way at all unless you make a profit on the deal - ie give your father less than the sale price, less web site running costs.