Reply With QuoteI thought watches were classed as a depreciating asset so not liable to CGT but I could be wrong…not a concern for me 🤣
Hi I'm thinking of liquidating my collection on ebay next year. Will I have to pay Cgt? Total value would be over 50k
Thanks in advance
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I thought watches were classed as a depreciating asset so not liable to CGT but I could be wrong…not a concern for me 🤣
I believe this is still the case, they are classed as assets with a limited lifespan and therefore do not fall under Capital Gains.Originally Posted by dougair
My question would be whether eBay would be the best platform to sell. Surely you would be better off approaching a dealer and trying to work out a deal for a straight sale or potentially a commission based sale?
That it's eBay is irrelevant (save it will be public).
Not sure how would be calculated on your watches but if you have no other cgt liabilities could you sell half before April?
I thought assets over £6k you have to pay on but then you have an allowance of £12k or so. You can take in to allowance costs of course and you’d have done very well to make over £12k on £50k of watches. Split over two tax years if worried.
Last edited by tz-uk73; 14th October 2021 at 09:03.
There is no capital gains tax to pay on watches. From the UK Gov website no less......* https://www.gov.uk/capital-gains-tax...mited-lifespan
That’s good to know if ever I’m in that position. Cheers
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Watches and other “machines” (eg motor vehicles) aren’t subject to CGT.
It is one of the few arguments to flutter on what you like. No CGT on watches, cars, wine.
The consensus view here is the correct one. Watching are classed as a wasting chattel and as such are exempt from CGT.
UK guidance on that from HRMC is here https://www.gov.uk/government/public...gains-tax-2019
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Sorry. It's here: https://www.gov.uk/capital-gains-tax...20or%20watches.
You have excellent advice on the CG aspect but I would concur that eBay is not the best place, it depends on the collection of course...
Thanks for replies
Why is Ebay not suitable esp if there is a £1 fees offer?
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Maybe because you have perhaps got to deal with a lot of scammers and dross ?
I think they still deduct a final value fee regardless of listing fees? Could be wrong though!
Just to chime in (@verv), the £1 listing weeks are £1 max fees - the actual listing only costs about 30p.
Fantastic for sellers, although they are rarely offered these days, ebay seem to opt for the 75% discount on fees instead to stop themselves getting totally fleeced by the high value stuff.
To the OP, I tend to agree with ebay being a bad option for high end watches. Regardless of fees, it's still a scammers paradise, I'm only comfortable into the hundreds rather than the thousands.
Maybe worth looking into a private Chrono24 account (I don't have one sadly so I can't offer much of an opinion) or as previously stated let them be sold on a commission basis through a reputable dealer.
Third option, stick them in Fellows watch auction. Tons of fees to pay but watches look to fetch premium money there and they do all the leg-work.
Cheers for that Kev!
Agreed. You may lose the watches and your money. There are much better routes to selling a collection of that value.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
Thanks for the responses
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Always worth just caveating that CGT is a "fall back" for gains not taxable under another heading. A regular buyer and seller might be deemed to be trading so profits then taxable as income. Lots of grey area in the middle but just a reminder of a potential "risk". Anyone selling a collection that was bought to use and enjoy rather than sell on should be safe with the CGT position.
Chrono24 is 6.5% fee though they do not like it if you list elsewhere but no sale no fee and you can withdraw anytime also they run a very good escrow service.
The E Bay £1-3 max fees are great as are their 80% off final value have been known to use them but i have no doubt the forum policeman had already got that noted in his data base.
I FEEL LIKE I'M DIAGONALLY PARKED IN A PARALLEL UNIVERSE
This is the best place to sell watches. The prices are good and possibly on the high side and the buyer pays the fees. It also appears to be safe.
https://www.watchcollecting.com
seeing as eBay was initially mentioned as the selling platform, there is now an authentication process in place for watches over £2,000.
https://pages.ebay.co.uk/authenticit...antee-watches/
I think Ralphy mentioned it also on here.
I've been back to it a few times to read the FAQ and terms and on the face of it, seems like a good system. Offers good buyer protection also
I’d consider a consignment sale via the likes of Mark Blower. Your watches get great exposure and the buyer has the comfort of dealing with a reputable dealer. I have done this before and it has worked well.
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What sort of commission rate would that involve? Ta
Regarding selling the watches, perhaps take a look at www.relleb.com end to end service including, collection, delivery, authentication and escrow.
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As Kev mentioned Fellows auctions, I paid their site a visit and downloaded tomorrow's catalogue. I just about fell off my chair when I saw that most watches listed, have a buyer's premium at either 23% and VAT or 27.6% including VAT.
Goodness!
Or you could use SC.
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