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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15730
Experience:  International tax
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If I sell a collection of letters and other documents acquired

Resolved Question:

If I sell a collection of letters and other documents acquired from other parties who are in the same business, either by purchase or by correspondence from them at the same time as I sell my own produced documents etc . Am I liable to tax on my own documents and that of my Collection(s)
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello,It really depends on if you are in the business of selling or selling your personal collection. Your personal possessions will normally be chattels. You only need to include in your tax return any gain on the disposal of a chattel where the disposal proceeds were more than £6,000 and the chattel is not exempt from Capital Gains Tax. The disposal proceeds will normally be the amount of money you received when you disposed of the chattel. If you dispose of a number of chattels that form a set, the £6,000 limit that normally applies to a single chattel, applies to the set.If you are acquiring these items for specific resale then yes, you are trading and would pay tax on the sales.Perhaps you could offer more information about the type of letters and documents and if you are buying for your personal collection.
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Customer: replied 2 years ago.

I am away for a short break .

Will contact you on my return early next week.