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Subject Topic: Selling a caravan- do I have to pay tax? Post Reply Post New Topic
PersonMsSNelson
29/1/2020 at 2:29pm
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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
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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

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What's the difference between a chicken?


PersonMonty15
29/1/2020 at 3:01pm
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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
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Right! thats brilliant thank you!!


Personjjgderbyshire
30/1/2020 at 12:35am
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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.

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jjg


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PersonFiona W
via mobile 30/1/2020 at 4:59am
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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.

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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
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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
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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.



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