Capital Gains Tax on personal possessions
What you pay it on
You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.
Possessions you may need to pay tax on include:
- jewellery
- paintings
- antiques
- coins and stamps
- sets of things, like matching vases or chessmen
You’ll need to work out your gain to find out whether you need to pay tax.
When you do not pay it
You do not usually need to pay tax on gifts to your husband, wife, civil partner or a charity.
You do not pay Capital Gains Tax on:
- your car - unless you’ve used it for business
- anything with a limited lifespan, like 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.