njr911
Junior Member
๐จ๏ธ 2,381
๐๐ป 420
April 2007
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For sale Banksy Nola white, by njr911 on Dec 21, 2020 15:20:18 GMT 1, Oh so you can sell one item without paying the tax, better save that for my best sale. Thanks for explaining x No you can't. You pay CG tax on any art you sell if it makes you a profit of more than your allowance. You misunderstood what the poster was saying about professional art dealers and their ability to have one sale classed as Capital Gains rather than Income Tax.
Oh so you can sell one item without paying the tax, better save that for my best sale. Thanks for explaining x No you can't. You pay CG tax on any art you sell if it makes you a profit of more than your allowance. You misunderstood what the poster was saying about professional art dealers and their ability to have one sale classed as Capital Gains rather than Income Tax. This - I think as a rule if you're selling ยฃ150 grands worth of anything it's worth paying for some tax advice as you bill could be well over ยฃ50k |
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milou2
New Member
๐จ๏ธ 76
๐๐ป 78
May 2010
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For sale Banksy Nola white, by milou2 on Dec 21, 2020 15:52:20 GMT 1, No you can't. You pay CG tax on any art you sell if it makes you a profit of more than your allowance. You misunderstood what the poster was saying about professional art dealers and their ability to have one sale classed as Capital Gains rather than Income Tax. This - I think as a rule if you're selling ยฃ150 grands worth of anything it's worth paying for some tax advice as you bill could be well over ยฃ50k
To weigh in (possibly far too late to be of any use) but, based on my own experience, you pay Capital Gains tax (of 20%) on any increase in value (what you sold it for -/- your cost of purchase) above your personal allowance of ยฃ12,300 (for total sales p/tax year - not per individual item). So if, say, you sell X for ยฃ62,300 (for which you originally paid ยฃ10,000), you pay tax on ยฃ52,300 (profit) minus ยฃ12,300 allowance = ยฃ40,000 x 0.2 = ยฃ8,000.
This may also help: www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-your-possessions-at7848p4xjtg
Happy hols (all is relative).
No you can't. You pay CG tax on any art you sell if it makes you a profit of more than your allowance. You misunderstood what the poster was saying about professional art dealers and their ability to have one sale classed as Capital Gains rather than Income Tax. This - I think as a rule if you're selling ยฃ150 grands worth of anything it's worth paying for some tax advice as you bill could be well over ยฃ50k To weigh in (possibly far too late to be of any use) but, based on my own experience, you pay Capital Gains tax (of 20%) on any increase in value (what you sold it for -/- your cost of purchase) above your personal allowance of ยฃ12,300 (for total sales p/tax year - not per individual item). So if, say, you sell X for ยฃ62,300 (for which you originally paid ยฃ10,000), you pay tax on ยฃ52,300 (profit) minus ยฃ12,300 allowance = ยฃ40,000 x 0.2 = ยฃ8,000. This may also help: www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-your-possessions-at7848p4xjtgHappy hols (all is relative). |
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Hubble Bubble
Junior Member
๐จ๏ธ 4,116
๐๐ป 3,566
December 2010
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For sale Banksy Nola white, by Hubble Bubble on Dec 21, 2020 17:30:41 GMT 1, Agreed.
Anyway... sorry, OP... there's a White Rain Nola for sale.
GLWTS.
Agreed.
Anyway... sorry, OP... there's a White Rain Nola for sale.
GLWTS.
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Dice
Junior Member
๐จ๏ธ 2,234
๐๐ป 1,526
October 2011
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For sale Banksy Nola white, by Dice on Dec 21, 2020 17:38:28 GMT 1, Sell quick as rishi will be raising CGT soon to 45%
Sell quick as rishi will be raising CGT soon to 45%
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Hubble Bubble
Junior Member
๐จ๏ธ 4,116
๐๐ป 3,566
December 2010
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For sale Banksy Nola white, by Hubble Bubble on Dec 21, 2020 19:06:26 GMT 1, Many a true word...
It will certainly go up, I think
Many a true word...
It will certainly go up, I think
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