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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I have been given some illustrations by my partner that I have

Resolved Question:

I have been given some illustrations by my partner that I have immediately sold together in one lot, for a sum much more than the prescribed £6000. Do I declare and pay tax on this
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,
Yes, you have to pay capital gains tax on the gain made in excess of £6K on the illustrations.
The gain is the market value of the illustrations on the date you were gifted them and the value you sold them for.
If you are unsure about the gain you have made, you may ask HMRC to check it for you using form Cg34:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/373073/cg34.pdf
Thank you
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