That doesn't work with CGT, investment income....
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another eBay problem
- Thread starter HawkEye244
- Start date
S
SammyInnit
Only if profit has been made over £11700 a year which is unlikely.
Thresholds aren't the same as not being counted as something.
Capital gains are capital gains no matter how small. They may not attract tax below a certain threshold, but if you do cross that threshold then saying "but I bought the asset out of taxed income" will do you no good.
Capital gains are capital gains no matter how small. They may not attract tax below a certain threshold, but if you do cross that threshold then saying "but I bought the asset out of taxed income" will do you no good.
I won't be clocking more than a grand for at least another year probably, so it doesn't look like I need to worry. All I'm selling right now is small low value items to free up space.
My friend's 2nd cousin hadn't heard it either, but it's true.
eBay will contact sellers to remind them off this as well. I used to sell cycle lights in large numbers when I was 18/19 to supplement a job and eBay told me to be aware of HMRC rules and gave me contact details.
