Selling an old watch

[Amateur]

Hi,

Apologies if that has been asked before but couldn't find it on the forums.

Let's say I privately sell an old personal watch for a value above 50000 GBP and the money would be wire transferred to my account, am I subject to taxes?

Thanks

[bondtoys]

nobody will be able to tell you this, because you have‘t told us, where exactly you are taxed.

[Amateur]

So i would probably have the money sent to the UK, but I am not a resident of the UK.

[mongrelnomoad]

Contact your accountant. TRF isn’t the place for tax advice.

[GB-man]

Sounds rather complex. I agree ask a tax specialist. In the United States you’d be subject to 28% of any long term capital gains on collectibles.

[Tools]

Depends on your countries tax structure.

Typically, selling kept goods at a profit is a capital gain and the amount above the original purchase price is taxable income.

You should seek the advice of an appropriate tax consultant.