Large Stamp Collection to sell

[garyh694]

I have collected stamps for over 50 years ,so have a huge amount that I now need to sell.

I am wondering if I need to complete a HMRC self-assessment and inform UK tax office, or as I am not a trader just a collector over the years wishing now to sell, whether I need to do anything.

I am guessing I have over £50000 in stamp value but over 1000 items in my cupboards, I am anticipating due to time, a total per year of maybe £10000 sales.

I have looked at guidance and it is very murky and seems to change by the month.

Can anyone help as I do not want to start selling if I then get a huge HMRC bill plus fines for not registering if I have to???

Thanks

G

[john1297576]

Selling your stamp collection is hardly trading, if HMRC asks questions just explain as you should not have to pay tax.

[*vyolla*]

If this is your personal collection that you're selling off, then it shouldn't be taxable, you're not trading. Of course, HMRC may ask you about it, like they do.

You would be liable for Capital Gains tax if you sold a collection off in a one off sale for more than £6,000 though.