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8 May 2018, 11:22 PM | #1 |
"TRF" Member
Join Date: May 2018
Location: United Kingdom
Posts: 1
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Selling off watch collection - quick tax question?
Hi! A few months back my grandfather passed away, and one of his possessions he left me was his watch collection. I've never been 'into' watches as such, and so didn't have a clue what to do with them, so far they've been in the box safe in my loft. I'm thinking about selling them to someone who will get better use and just in general be able to take better care of them. I've had someone value them and apparently all of it is worth £3,200 - way more than I would've expected (hence why it's away in the loft!) I was wondering if I sold these, would it count as taxable income as it's worth so much? Or something else, like capital gains? I don't have a clue how it works, having looked at sites like tax calculators but still can't figure it out, and as it's not an insignificant value I'd rather be sure about everything. Apologies for the long post, and hope to hear from someone soon!
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