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Posted Tue, 02 Jan 2024 13:04:55 GMT by
Hello, for the last 25 years i've been buying new and old games and Consoles as they all come out and amassed over 1000+ bits and pieces. I've so much stuff i've had to put into storage which is costing me £180 per month for 6 months so far. I'm now about to move out with no fixed address yet and have been have 2 offers of £6k for part of what i have and £30k for all of it. What are the tax implications on if any ? thank you.
Posted Wed, 10 Jan 2024 11:03:18 GMT by HMRC Admin 10 Response
Hi
You will need to pay tax on this as it is over £1000 and would be seen as a 'trade'.
If not already regstered for self assessment, you would need to enroll and fill in a tax return.

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