Home

   Log in or Register



Insurance Quotes
forums Campsite Search Comp Directory tips virtual brochure Profile
Tent and Awning Reviews Competitions Caravans and Motorhomes For Sale Shopping Diary Advent Calendar

Advertisement

Message Forums
Welcome Guest Register Login Search The Forum Posts Since Last Visit
 Reception - All Forums
  Life in General 		Share   Post on X / Twitter  Share on Facebook  Email  Printer Friendly Version Print
Subject Topic: Selling a caravan- do I have to pay tax? Post Reply Post New Topic
PersonMsSNelson
29/1/2020 at 2:29pm
 Location: 
 Outfit: None Entered View MsSNelson's Profile View Profile   Reply to MsSNelson Reply   Quote MsSNelson Quote  
Joined: 29/1/2020

Standard Member
Standard Member

Forum Posts:   0
Site Reviews Total: 1
Site Reviews 2024: 0  
Site Reviews 2023: 0  
Site Reviews 2022: 0  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 1  
Site Reviews 2018: 0  
Site Nights 2024: 0
Site Nights 2023: 0
Site Nights 2022: 0
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 1
Site Nights 2018: 0
My aunt gave me her caravan a while back and its just been sat on my drive, so thinking of selling it, Im more of a hiking/tent camper so dont think its worth holding onto. Because I got it for free, am I right in thinking I would have to pay income tax from the money of the sale as it will be 100% profit? It would probably fetch about £4,000 so looked online and income tax website says i would need to pay £800 tax?


PersonGram
29/1/2020 at 2:55pm
 Location: Padded Cell
 Outfit: Calvin Klein Straitjacket & manacles View Gram's Profile View Profile   Reply to Gram Reply   Quote Gram Quote  
Joined: 22/9/2004

Diamond Member
Diamond Member

Forum Posts:   2931
Site Reviews Total: 2
Site Reviews 2024: 0  
Site Reviews 2023: 0  
Site Reviews 2022: 0  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 0  
Site Reviews 2018: 0  
Site Nights 2024: 0
Site Nights 2023: 0
Site Nights 2022: 0
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 0
Site Nights 2018: 0
Definitely not income tax - income tax is on income (wages, private pensions, etc.) - sale of gifts may be subject to capital gains or inheritance tax - some information here...

Gram

-------------
What's the difference between a chicken?


PersonMonty15
29/1/2020 at 3:01pm
 Location: London
 Outfit: Lunar Cosmos 524 View Monty15's Profile View Profile   Reply to Monty15 Reply   Quote Monty15 Quote  
Joined: 17/9/2015

Diamond Member
Diamond Member

Forum Posts:   2335
Site Reviews Total: 1
Site Reviews 2024: 0  
Site Reviews 2023: 0  
Site Reviews 2022: 0  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 1  
Site Reviews 2018: 0  
Site Nights 2024: 0
Site Nights 2023: 0
Site Nights 2022: 0
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 6
Site Nights 2018: 0
I'm no expert, but think you might be confusing your taxes! You should be looking at Capital Gains Tax, which for the current year has a tax free allowance threshold of £12,000, so unless all the assets you dispose of in the current tax year exceed £12,000 PROFIT (the difference between what you paid and what you sell for, not sale value! - it's more complex with sliding scales allowing for time of ownership, but that's the basic principle), you have nothing to worry about or declare on a sale valued at £4000 even if it cost you nothing to acquire (=£4000 profit).

Details here: https://www.gov.uk/capital-gains-tax


PersonMsSNelson
29/1/2020 at 3:17pm
 Location: 
 Outfit: None Entered View MsSNelson's Profile View Profile   Reply to MsSNelson Reply   Quote MsSNelson Quote  
Joined: 29/1/2020

Standard Member
Standard Member

Forum Posts:   0
Site Reviews Total: 1
Site Reviews 2024: 0  
Site Reviews 2023: 0  
Site Reviews 2022: 0  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 1  
Site Reviews 2018: 0  
Site Nights 2024: 0
Site Nights 2023: 0
Site Nights 2022: 0
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 1
Site Nights 2018: 0
Right! thats brilliant thank you!!


Personjjgderbyshire
30/1/2020 at 12:35am
 Location: Nottingham
 Outfit: Lunar Solaris 524 View jjgderbyshire's Profile View Profile   Reply to jjgderbyshire Reply   Quote jjgderbyshire Quote  
Joined: 21/9/2014

Gold Member
Gold Member

Forum Posts:   352
Site Reviews Total: 9
Site Reviews 2024: 2  
Site Reviews 2023: 1  
Site Reviews 2022: 1  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 0  
Site Reviews 2018: 2  
Site Nights 2024: 16
Site Nights 2023: 14
Site Nights 2022: 15
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 0
Site Nights 2018: 2
If in doubt, or even if you're not in doubt, just sell it and don't tell them. I really can't see you having any liability whatsoever.

-------------
jjg


Advertisement



PersonFiona W
via mobile 30/1/2020 at 4:59am
 Location: Ayrshire
 Outfit: Auto-Sleeper MHs View Fiona W's Profile View Profile   Reply to Fiona W Reply   Quote Fiona W Quote  
Joined: 10/4/2007

Diamond Member
Diamond Member

Forum Posts:   5148
Tent Reviews:   1
Site Reviews Total: 234
Site Reviews 2024: 18 
Site Reviews 2023: 8  
Site Reviews 2022: 12 
Site Reviews 2021: 10 
Site Reviews 2020: 4  
Site Reviews 2019: 9  
Site Reviews 2018: 18 
Site Nights 2024: 37
Site Nights 2023: 25
Site Nights 2022: 32
Site Nights 2021: 25
Site Nights 2020: 20
Site Nights 2019: 28
Site Nights 2018: 30
Your aunt can gift you £3K p.a. as part of her gifting allowance. The caravan is a gift. If you sell it for £4K, you could give her £1K.

-------------
2024 = 20 sites / 41 nights. 2023 = 9/23. 2022 = 13/35. 2021 = 11/29. 2020 = 4/20. 2019 = 13/35. 2018 = 20/33. 2017 = 10/22. 2016 = 19/33. 2015 = 15 sites / 27 nights. Didn't count 1976 to 2014.


Persondaveyjp
30/1/2020 at 7:02am
 Location: 
 Outfit:  View daveyjp's Profile View Profile   Reply to daveyjp Reply   Quote daveyjp Quote  
Joined: 02/6/2010

Platinum Member
Platinum Member

Forum Posts:   596
Tent Reviews:   1
Site Reviews Total: 4
Site Reviews 2024: 1  
Site Reviews 2023: 0  
Site Reviews 2022: 0  
Site Reviews 2021: 0  
Site Reviews 2020: 0  
Site Reviews 2019: 0  
Site Reviews 2018: 0  
Site Nights 2024: 2
Site Nights 2023: 0
Site Nights 2022: 0
Site Nights 2021: 0
Site Nights 2020: 0
Site Nights 2019: 0
Site Nights 2018: 0
However, you can roll over one year's gifting allowance for one year.

If you don't gift one year you can gift £6k the next. If you use part of the allowance one year you can roll over the balance to the next.


PersonMick S.
30/1/2020 at 9:51am
 Location: 
 Outfit:  View Mick S.'s Profile View Profile   Reply to Mick S. Reply   Quote Mick S. Quote  
Joined: 18/8/2004

Diamond Member
Diamond Member

Forum Posts:   3499
Site Reviews Total: 37
Site Reviews 2024: 0  
Site Reviews 2023: 1  
Site Reviews 2022: 1  
Site Reviews 2021: 4  
Site Reviews 2020: 4  
Site Reviews 2019: 0  
Site Reviews 2018: 0  
Site Nights 2024: 0
Site Nights 2023: 3
Site Nights 2022: 6
Site Nights 2021: 16
Site Nights 2020: 17
Site Nights 2019: 0
Site Nights 2018: 0
Quote: Originally posted by jjgderbyshire on 30/1/2020
If in doubt, or even if you're not in doubt, just sell it and don't tell them. I really can't see you having any liability whatsoever.


Spot on! Maybe its just me, but i would not consider even asking the question. Stuff is bought and sold 365 days of the year. Sod the tax man. Your Aunt has bought this with her already -'taxed' money. Get it sold, and enjoy the proceeds. And yes, maybe pass your Aunt some.



In order to post a reply you will need to register, or if already registered please log in here

Prev       Next
Quick Links - All Forums - Life in General - Top of Page

Printer Friendly Version Printable version      Share   Post on X / Twitter  Share on Facebook  Email


Latest News, Discounts and Competitions  see all...

4919 Visitors online !

Free UKCampsite.co.uk Window Sticker  -  Recommend to Friend  -  Add a Missing Campsite

[Message Forums]  [Caravan Sites & Camping]  [Company Listings]  [Features / Advice]  [Virtual Brochure]  [Shop!]
[Reception]  [Competitions]  [Caravans & Motorhomes For Sale]  [Event Diary]  [Contact Us]  [Tent Reviews] 



Please note we are not responsible for the content of external sites & any reviews represent the author's personal view only. Please report any error here. You may view our privacy and cookie policy and terms and conditions here. All copyrights & other intellectual property rights in the design and content of this web site are reserved to the UKCampsite.co.uk © 1999 - 2024


Advertisement
Advertisement


UKCampsite.co.uk
2024 Advent Calendar

Advent Calendar

24 Daily Prizes PLUS a Christmas Day Star Prize worth £999

Request a Reminder