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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Do you have to pay tax on personal belongings which you sell? |
You have paid tax once why pay tax again? Strictly, any sales you make are assessable to capital gains tax. However, you are able to claim the Chattels Exemption, which is currently 拢6,000 per item. So you could sell an item for 拢6,000 and not pay capital gains tax. A chattel is definied as a personal, tangible, moveable piece of property. If the proceeds exceeds 拢6,000, there is an element of marginal relief in that the maximum gain which can be taxable is limited to 5/3rds of the proceeds in excess of 拢6,000. For a simple example, say you sell an item for 拢7,000 which cost 拢2,300. The gain would be 拢4,700. However, the marginal relief claim means that you would only be taxed on 5/3 x 拢1,000 (拢7,000-拢6,000) = 拢1,667. In addition, you can make taxable gains up to 拢8,800 in the current tax year, so it is unlikely that any tax would ever be payable. Capital Gains tax - you can sell up to 拢3000 worth before paying tax. In India no. but I don't know in other countries welcome to the wonderful world of TAX. In the Uk you already pay tax twice!! once on your earnt wages, and again when you spend your 拢拢's PAYE and VAT great eh??? Then theres all the other 'STEALTH' taxes the great Mr Blair has introduced for us... yes, legally, u have to pay taxes on any capital gains, be it personal selling, or sales over the counter. however, in the former case evading taxes is easiest. No, Captial Gains tax threshold is 拢8800 for individuals. You will never be pursued for not declaring personal items sold. http://www.hmrc.gov.uk/rates/cgt.htm... |
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