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Omega Apollo 11 50th Anniversary Moonwatch Gold and Steel. Any in the wild yet?

  1. Martin_J_N Aug 2, 2019

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    Totally agree, a rebate is due, what do you think your chances of getting one are? :D
     
  2. EricCsN Aug 2, 2019

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    Congrats, she is a grail watch to mark a special achievement in History of mankind
     
  3. stuart70 Aug 2, 2019

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    If you used the term ‘trade’ and are buying cars to sell. Thus tax due.
     
  4. Stufflers Mom Aug 2, 2019

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    What happens if you have had several Rolex for a few years and the price has shot up, does HMRC would a cut of that as well?
     
  5. stuart70 Aug 2, 2019

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    HMRC would look at intent and pattern of behaviour. It would be difficult to justify buying a PP nautilus on a Friday for £22k and then selling on Saturday £35k, without them think you bought to sell. most AD’s would be unhappy with that. However, if you bought a Rolex in 1999 then you sell it in 2019, for significantly more. The HMRC would look at the pattern of behaviour. It is a fine line between trading and moving a collection around.
     
  6. Pepe Lucas Aug 2, 2019

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    In the USA at least, I believe you would have to technically pay taxes for the profit. (On either flipping a car or a watch) And depending how much do you earn it might move you from one tax bracket to another.
     
  7. Japanred Aug 2, 2019

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    I’ve put £500 down so approx 7%
     
    Martin_J_N likes this.
  8. Martin_J_N Aug 2, 2019

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    Different countries different rules I guess
     
  9. Japanred Aug 2, 2019

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    Agree with this.
     
  10. Martin_J_N Aug 2, 2019

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    Where in the world are you?
     
  11. Kingkongsfinger Aug 2, 2019

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    UK, 20% deposit paid in May.
     
  12. Japanred Aug 2, 2019

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    If
    If you bought and sold several cars per year (all for a profit) you would have a hard time convincing HMRC that you weren’t trading in them. Regardless of whether it was your full time occupation or a hobby
     
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  13. Japanred Aug 2, 2019

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    UK
     
  14. Martin_J_N Aug 2, 2019

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    So all those people who bought a SS Rolex in the UK this year, sold it immediately for a profit, will be chased for tax by HMRC as they traded their watch to make a profit? I somehow don't think that this is going to happen.
     
  15. EricCsN Aug 2, 2019

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    The motive even if I bought on Friday and sell Saturday cannot be put to simply trading. For example , by the time I got the watch I have lost interest in it. Or it could be I needed the funds now for something else. Or I didn’t like the watch when I saw it in person so I sold it. Or my Wife was furious that i bought a watch without her knowing ...
     
  16. Japanred Aug 2, 2019

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    They won’t be chased by HMRC as HMRC wouldn’t have a clue about it. But I bet if they phoned HMRC up and asked them, HMRC would want them to declare it.
     
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  17. stuart70 Aug 2, 2019

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    I had this exact discussion with a PP AD who said if that were the case they would take the watch back and give full refund.
     
  18. Japanred Aug 2, 2019

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    Agree with this. One watch you would probably get away with but you couldn’t use this excuse if you’d done it 5-6 times over the year with different watches.
     
  19. Martin_J_N Aug 2, 2019

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    HMRC would have to prove that you were a trader, there is nothing to stop you as an individual buying grannies car cheap, tidying it up and selling it on for a profit to help you buy your next car, lots of people do it and I don't see HMRC knocking on peoples doors demanding tax.
     
  20. A1000 Aug 2, 2019

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    Here's the link to the HMRC guidance in the UK - https://www.gov.uk/capital-gains-tax-personal-possessions - it is guidance so there is, as always, interpretation as others' have said and the real issue would be around the differential between being seen a business vs the trade being of a personal asset. Watches are deemed to be assets with a 'limited lifespan' which helps, but if it's an asset above £6k then that raises a flag the other way.

    P.s. I'm not a tax expert :D