{"id":17987,"date":"2022-06-08T16:04:18","date_gmt":"2022-06-08T15:04:18","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=17987"},"modified":"2025-09-03T16:35:48","modified_gmt":"2025-09-03T15:35:48","slug":"what-tax-do-you-pay-when-you-sell-antiques","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/blog\/what-tax-do-you-pay-when-you-sell-antiques\/","title":{"rendered":"What tax do you pay when you sell antiques?"},"content":{"rendered":"\n

Don\u2019t you wish that there was some undiscovered treasure collecting dust in a secret compartment of your house? Or is that just us? You\u2019re here because you have some kind of valuable antique that you\u2019re looking to sell. But before you decide to go down that route, you want to know what taxes you\u2019ll have to pay, right? Well, let\u2019s get into it!<\/p>\n\n\n\n

What are antiques exactly?<\/h2>\n\n\n\n

Antiques are usually classed as over 100 years old, collectible items of high value. Anything that\u2019s between 20-100 years old is considered vintage, usually referencing the 1900s to the 1960s. <\/p>\n\n\n\n

The number of years directly corresponds to what time period the item belongs to.<\/p>\n\n\n

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So that game console collecting dust at your dad\u2019s house? Yeah, that\u2019s retro. And those amazing sunglasses your mum got from her mum but won\u2019t let you wear? They\u2019re vintage. <\/p>\n\n\n\n

Another interesting (and yes, we\u2019re using the word loosely) point is that every time period has a different focus on items, style, etc. For example, there\u2019s lots of retro or vintage clothing that is popularised, as opposed to antique clothing. Conversely, antique furniture and paintings are far more common and valued than those of their retro counterparts. <\/p>\n\n\n\n

Not every item will have a high monetary value. <\/p>\n\n\n\n

With that being said, it\u2019s worth trying to gather all the information you have regarding your item to help you prepare to sell further down the line. You can use online resources or speak to antique dealers for an appraisal. <\/p>\n\n\n\n

You can have antique:<\/p>\n\n\n<\/div> \n\n

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Furniture \ud83d\udecb<\/p>\n

Jewellery \ud83d\udc8d<\/p>\n

Clocks \ud83d\udd70<\/p>\n\n <\/div>\n <\/div>\n <\/div>\n\n \n \n

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Kitchenware \ud83c\udf7d<\/p>\n

Paintings \ud83d\uddbc<\/p>\n

Swords \u2694\ufe0f<\/p>\n\n <\/div>\n <\/div>\n <\/div>\n\n \n \n <\/div>\n<\/div> \n\n

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And lots, lots more. <\/p>\n\n\n\n

Ok, now what\u2019s a chattel?<\/h2>\n\n\n\n

A chattel is a really old word (we\u2019re talking 13th century old) and it\u2019s used to describe items of personal property. You have to be able to touch and move the item, so it has to be tangible and movable. So land wouldn\u2019t be considered a chattel but a car would be. Most of the time, they\u2019re considered to be assets or antiques, like jewellery or paintings.<\/p>\n\n\n\n

What\u2019s a wasting asset?<\/h2>\n\n\n\n

One quick differentiation to make is the difference between a wasting asset and just a normal asset or chattel. A wasting asset is exempt from certain taxes because its life expectancy goes down or it has a short lifespan. Racehorses, wine, watches, and vintage cars are examples of this.<\/p>\n\n\n\n

A wasting chattel only has an expected useful life of 50 years and is exempt from Capital Gains Tax<\/a> – woohoo!<\/p>\n\n\n\n

Are chattels and antiques taxable?<\/h2>\n\n\n\n

Yep, disposing or selling of chattels and antiques is taxable. You\u2019ll have to pay Capital Gains Tax on profits. <\/p>\n\n\n\n

 If you sell your chattel for more than \u00a33,000 but less than \u00a315,000, you\u2019ll need to pay tax on the profit. If your proceeds are less than \u00a33,000, you don\u2019t have to do anything.<\/p>\n\n\n\n

HMRC gives you some relief when selling assets. Using the 5\/3 (five thirds) rule, you can calculate how much of the profit you\u2019ll be taxed on. This is method one.<\/p>\n\n\n\n

Use method two to calculate how much profit you\u2019ll pay tax on by deducting expenses and how much you bought the asset for. You get to choose the lesser of the two figures!<\/p>\n\n\n

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