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

  1. Stufflers Mom

    Stufflers Mom Aug 2, 2019

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    I believe it does, but I was looking to see the logic applied to that comment, as I've flipped many watches over the years nearly all of them have been at a loss, so I was hoping for a tax rebate.
     
  2. A1000

    A1000 Aug 2, 2019

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    Many thanks Martin, it's such a nice watch in the 'flesh'
     
    EricCsN likes this.
  3. stuart70

    stuart70 Aug 2, 2019

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    If you look at the HMRC website ‘Buying to sell is classed as trading’. In reviewing certain posts having ‘customers’ would infer that you are trading. If you buy a watch and then sell it a couple of days later and make a profit you would have to explain HMRC the rational that was not trading.your intention was to buy and sell for a profit. HMRC would look at the pattern of behaviour and thus make a decision. Selling nine or ten watches in 3 or 4 years with profits you could be classed as a smaller trader.
     
    redzer007 and Japanred like this.
  4. Martin_J_N

    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
     
  5. EricCsN

    EricCsN Aug 2, 2019

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    Congrats, she is a grail watch to mark a special achievement in History of mankind
     
  6. stuart70

    stuart70 Aug 2, 2019

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    If you used the term ‘trade’ and are buying cars to sell. Thus tax due.
     
  7. Stufflers Mom

    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?
     
  8. stuart70

    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.
     
  9. Pepe Lucas

    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.
     
  10. Japanred

    Japanred Aug 2, 2019

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    I’ve put £500 down so approx 7%
     
    Martin_J_N likes this.
  11. Martin_J_N

    Martin_J_N Aug 2, 2019

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    Different countries different rules I guess
     
  12. Japanred

    Japanred Aug 2, 2019

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    Agree with this.
     
  13. Martin_J_N

    Martin_J_N Aug 2, 2019

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    Where in the world are you?
     
  14. Kingkongsfinger

    Kingkongsfinger Aug 2, 2019

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    UK, 20% deposit paid in May.
     
  15. Japanred

    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
     
    redzer007 likes this.
  16. Japanred

    Japanred Aug 2, 2019

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    UK
     
  17. Martin_J_N

    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.
     
  18. EricCsN

    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 ...
     
  19. Japanred

    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.
     
    Gamma likes this.
  20. stuart70

    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.