Birdwatch Note Rating
2024-01-03 12:49:28 UTC - NOT_HELPFUL
Rated by Participant: 8FB239C78414EEE2C638CD786D5A67DAE748626F638C0AFBD50250F6E27B21B6
Participant Details
Original Note:
You wouldn’t be taxed on a loss. If you sell as a one off, this would fall under capital gains tax and you would be exempt from tax under chattel rules. https://www.gov.uk/government/publications/chattels-and-capital-gains-tax-hs293-self-assessment-helpsheet/chattels-and-capital-gains-tax-2021-hs293 If you sold enough to be deemed a trade, you would claim the cost of the items as a deduction and be taxed on the profit.
All Note Details