Heirlooms And Unwelcoming Tax Bills
Friday, February 17th, 2012
on behalf of Project Work and Other Clients
The Chartered Accountants noted that in times of financial difficulties people turn to alternative methods of making extra cash.
As seen in Antiques Roadshow people look to sell jewellery, painting and antiques but such sales could incur a rate of 18 per cent or 28 per cent Capital Gains Tax (depending on your rate of taxable income), if they are sold for more than £6,000.
Helen Mackenzie, a partner in chartered accountants Chiene + Tait said: “The lesson here is that anyone contemplating the sale of a valuable asset should carefully consider the tax implications.”