thank you - also, I am married. "My toys and comic collection" is in reality shared ownership like everything we own. Do we each have the 4x11k limit for disclosure and if so how does that work? She is unemployed fyi
thanks a lot :)
Apologies, seems my question got changed when I submitted...let me try again:
let's forget about joint ownership issue and assume it's just me
I'm still confused:
I need to disclose cos the total sale proceeds >£44k.
But I don't need to disclose those items whose value was <6k.
So what am i actually disclosing then given:
a. Those items worth >£6k did not make any gains
b. The Combined value of items >6k is <44k
Thanks..so if I gave this example I would not have to disclose anything
1 item sold for £43,000...no capital gain, and 10 items (not a set) sold for £200 again no capital gain...I would not have to disclose anything despite total sales being greater than than the £44,000 limit
That's correct because any chattel sold for £6,000 or less is exempt from CGT.