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> Moved to UK, now need to sell board games collection - tax help?
churgate
post Jun 6 2018, 10:26 PM
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Hi! smile.gif

A few weeks back I moved to to the UK for a job opportunity with the company I work at back home. Most of my stuff has been in a rented storage container place but I don't want to keep paying for that so have moved everything into my apartment and I'm going to start selling off/getting rid of stuff I don't actually need (already did a lot of that before moving!!). Now I can't find anything on it so hopefully it isn't so, but I was wondering if selling these would count as taxable income? I don't know how the tax system works here at all so was hoping someone could point me in the right place - I only worry because I am very close to the next tax band according to this salary tool, which means I'd pay 40% tax on my income. Also - where would be a good place to sell my games? It's a shame to sell them, I'd ship them back home if it wasn't so damn expensive but that's not possible and I don't have the space for them at all sad.gif

Hope someone can help me out here
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NINJA
post Jun 7 2018, 09:26 AM
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You would pay 40% tax on your income ABOVE that bracket. You're never worse off jumping a bracket in progressive tax systems. As indicated in your link. It just means you'd make 60c instead of 80c per dollar above GBP46,000

https://www.gov.uk/capital-gains-tax-personal-possessions
Looks like you only need to pay CGT if the individual item is worth more than GBP6,000

Based on the info provided, you wouldn't need to pay sales tax
https://www.telegraph.co.uk/finance/persona...st-pay-tax.html

This post has been edited by NINJA: Jun 7 2018, 03:35 PM
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Krefey
post Jun 7 2018, 01:00 PM
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In Australia, if you sell personal items, that doesn't count as personal income, so is not taxed.

Not sure what the rules in the UK are like, but from what Ninja posted, it doesn't seem like you'd need to worry about it.


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General_Hospital
post Jun 21 2018, 08:39 PM
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Yeah unless your board games collection is outrageously expensive and you made a profit you'll be ok in the UK. Also unless your records are very comprehensive it might be hard to prove what the purchase price was anyway.


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