Thread: Memorabilia Moving house and selling F1 momentos and collectibles - question about tax on them?
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Old 4 May 2018, 13:24 (Ref:3819400)   #7
NaBUru38
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Originally Posted by MGDavid View Post
My understanding is that tax is only due on profits from 'trading'. If you buy stuff with the intention of selling it on, it's trading. If you buy stuff as part of your hobby or pastime, then (maybe years) later sell it (due to downsizing for instance) then any 'profit' is not taxable.
https://en.wikipedia.org/wiki/First-sale_doctrine
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