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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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Is capital gains tax payable on football caps

Customer Question

Is capital gains tax payable on football caps presented to international players
IE Wasting Asset??
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Of these are a gift then no.

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-uydwk6xf- :

Not gifts ;When you say no Do you mean NO TAX PAYABLE?

JACUSTOMER-uydwk6xf- :

These were bought and sold at a profit over £6000

JACUSTOMER-uydwk6xf- :

Do I need to declare on Self assess or is the GAIN counted as A WASTING ASSET Therefore TAX free as Vintage cloths are ??

JACUSTOMER-uydwk6xf- :

Please send me answers SAP

Alex Watts : If they have a predictable life of less than 50 years then yes they are a wasting asset and free from CgT
Alex Watts : if their life is expected to be more than 50 years then it's taxable I am afraid.
Alex Watts : Does that clarify?
Alex Watts : but if they are football caps then they should be treated as voltage clothes and therefore free from tax
JACUSTOMER-uydwk6xf- :

What do you mean by VOLTAGE? CLOTHS

Alex Watts : Sorry predicitive text - vintage clothes.
Alex Watts : Does that clarify?
JACUSTOMER-uydwk6xf- :

Dear Alec

JACUSTOMER-uydwk6xf- :

You are Brill what are your qualifications please? I will not declare the gain on self assessform,could IR fine me? ;50 years from when I acquired, depends how I treat them ;they are for exhibiting not wrapping in tissue and putting away ,so they fade and the gold braid loses its brightness.

JACUSTOMER-uydwk6xf- :

Do you agree

JACUSTOMER-uydwk6xf- :

Best regards

JACUSTOMER-uydwk6xf- :

Kenneth

Alex Watts : I am a solicitor with over 7 years experience
Alex Watts : I agree Kenneth with your proposition
Alex Watts : Does that heko?
Alex Watts : help?
JACUSTOMER-uydwk6xf- :

Thank you ,but are you a specialist in TAX My accountant has been fully qualified for over 25 years and advised me to seek expert opinion ,I can,t risk an In Rev enquiry if I am not sure of what I am doing?

Alex Watts : I am a solciitor. I am not a tax advisor. You posted this in the legal category.m
JACUSTOMER-uydwk6xf- :

Please you should have said at the beginning ,do you have someone who is a TAX ADVISER PLEASE
Kenneth

JACUSTOMER-uydwk6xf- :

I POSTED under LEGAL &TAX <THERE IS NO OTHER,do you not have a TAX EXPERT ??

JACUSTOMER-uydwk6xf- :

Regards

Alex Watts :

I will transfer this to tax for you. No need to reply to me.

JACUSTOMER-uydwk6xf- :

Than you

JACUSTOMER-uydwk6xf- :

SORRY BUT I AM AWAY NOW TILL END APRIL
PLEASE LEAVE A OPINION IWILL PAY YOU WHEN I GET BACK

Customer: replied 2 years ago.

YOU PROMISED TO PASS TO A TAX EXPERT HAVING SAID YOU WERE NOT ONE

pLEASE REFUND MY MONEY nOW