Hello all!
Recently my wife "inherited" (see: took before the rest of her family could get their grubby hands on them. dysfunctional families will understand! :roll ) her mum's jewellery collection. There's a lot there, and we're looking to scale it down a lot. We're planning to get the important bits and sell the less important ones, and put that towards the deposit on our new house. However, she will be selling them and she's getting a bit concerned about the money from them being taxed in some way. Is that something we should be worrying about? I've looked at this salary calculator online - income-tax.co.uk - and neither of us are particularly close to the next tax band (40% in the UK) so I'm not sure what she's worrying about. Is there any tax/fees/anything relating to sales on jewellery that we should be aware of?
Thanks!
Recently my wife "inherited" (see: took before the rest of her family could get their grubby hands on them. dysfunctional families will understand! :roll ) her mum's jewellery collection. There's a lot there, and we're looking to scale it down a lot. We're planning to get the important bits and sell the less important ones, and put that towards the deposit on our new house. However, she will be selling them and she's getting a bit concerned about the money from them being taxed in some way. Is that something we should be worrying about? I've looked at this salary calculator online - income-tax.co.uk - and neither of us are particularly close to the next tax band (40% in the UK) so I'm not sure what she's worrying about. Is there any tax/fees/anything relating to sales on jewellery that we should be aware of?
Thanks!