Capital Gains Tax on personal possessions
1. What you pay it on
Possessions you may need to pay tax on include:
- coins and stamps
- sets of things, eg matching vases or chessmen
You’ll need to work out your gain to find out whether you need to pay tax.
When you don’t pay it
You don’t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.
You don’t pay Capital Gains Tax on:
- your car - unless you’ve used it for business
- anything with a limited lifespan, eg clocks - unless used for business
Jointly owned possessions
You’re exempt from paying tax on the first £6,000 of your share if you own a possession with other people.