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Posted Sun, 28 Aug 2022 12:37:51 GMT by E C
Hi, I am looking to have a clear out of old personal items that I no longer need or use such as 90's childhood toys, books, electronics etc. However the total gross sales for these is expected to be over £1,000. As these are personal items, would I have to register as a sole trader and include the income on a tax return? The link to check is a bit vague. Family members are also having a clear out and their items may fetch higher values as they are looking to sell some ornaments, old vinyl records etc. Again these would be old personal items so would they have to register for self assessment if they go over the £1,000 limit? No single item would be worth over £6,000 so I don't think capital gains tax would apply in this instance. Any advice would be most welcome. Thank you.
Posted Thu, 01 Sep 2022 08:47:58 GMT by HMRC Admin 20
Hi E C,

You would not be required to declare this as Self-Employment if you are selling personal items.
Information regarding Capital Gains Tax on Personal Posessions is listed here

Capital Gains Tax on personal possessions

Thank you.

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