Sellling Your Olympic Torch On Ebay?

[Tim330]

Better allow for CGT

http://www.hmrc.gov.uk/news/olympic-torch.htm

[S6PNJ]

I wonder if HMRC will follow up the ebay ads that have already finished?

[Eric Mc]

Why are they talking about "above £6,000"? The normal Annual Allowance for Capital Gains Tax is £10,600.

[twinturboz]

What about this? Could that be a loophole

[Gareth79]

I am surprised at the prices they are fetching, consistently £4-5k and the buyers have good feedback. I assume they are bought by either people with that much spare to drop on a nice house ornament, or by companies as corporate gifts (I know of businesses buying the top-price event tickets for corporate hospitality).

I looked after the previous few Olympics' and they used to fetch around £2k, and when the came up inbetween the games they were even less. I suspect as the procession continues the prices will slip as buyers dry up, it would be interesting to graph it!

[Tim330]

Eric Mc said:

Why are they talking about "above £6,000"? The normal Annual Allowance for Capital Gains Tax is £10,600.

Its not very clear. This page lists the £10,600 you mention.

http://www.hmrc.gov.uk/rates/cgt.htm#2

It says on the original page "If it is worth more than £6,000 then you will have a chargeable gain". Is "chargeable gain" significant?

[zbc]

Tim330 said:

Eric Mc said:

Why are they talking about "above £6,000"? The normal Annual Allowance for Capital Gains Tax is £10,600.

Its not very clear. This page lists the £10,600 you mention.

http://www.hmrc.gov.uk/rates/cgt.htm#2

It says on the original page "If it is worth more than £6,000 then you will have a chargeable gain". Is "chargeable gain" significant?

I'm assuming that if it's above 6k then they want you to add it to any other gains you might have to see if you exceed the allowance and if it's less than 6k then they can't be bothered. I didn't know about this interpretation before but next time I buy a BTL I'll be buying it as 100 separate pieces and then when I sell it as none of them will have an individual gain of 6k I won't have to declare it. I'm sure HMRC will be fine with that.

[PetrolDriver]

Not a bad effort - I believe if you were a bearer then you could buy it for £200?

I've held an olympic torch, wish I'd smuggled it out now