TZ-UK Forums TZ-UK Forums Rocket Man
I received an email from eBay informing me about a new Digital Sales reporting law:
"This law requires marketplaces like eBay to collect and report seller information if you meet one of these thresholds: 30 or more sales, or sales exceeding £1740 in a calendar year. Your tax obligations haven’t changed. According to HMRC, if you’re selling a few unwanted personal items, like those stored in a loft or garage, it’s unlikely that you’ll need to pay tax."
My understanding is that capital gains tax wouldn’t apply if you are selling watches as part of a collection, but it would if you were selling for profit (flipping or dealing). Is that correct?
Many thanks.
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