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

S stuart70

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.

Martin_J_N

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.

Martin_J_N

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.

A1000

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 😁

Martin_J_N

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.

Japanred

I’ve very close experience that tells me that HMRC don’t need to PROVE anything when searching through your tax records. If they see a pattern they will jump on you.

HMRC won’t be knocking on doors in the above example as they would never know. But I’m 100% certain that your above example should be declared.

Japanred

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.

S stuart70

It is the pattern of behaviour. It is still trading. The Y

capital gains and trading are different

EricCsN

But how would hMRC knows that you are trading , how do they monitor this activity?

EricCsN

But how would hMRC knows that you are trading , how do they monitor this activity?

S stuart70

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.

Martin_J_N

Yes I am sure that they would, but as I have paid for the watch it is my decision how I dispose of it, I might take the honourable route and see if the AD would take it back, they may they may not, I might decide to sell it on e-bay, I might decide to sell it on a forum, I might decide to sell it to a family member who offered me the RRP for it, I might sell it to the guy down the road who offered me 'a margin' on the watch, it is my decision what I do with the watch after all I paid for it.

S stuart70

HMRC have teams that monitor various websites eBay being one.

S stuart70

Again pattern of behaviour. Once fair enough, ten times?

Martin_J_N

We have established that it is a pattern of behaviour, not a one off, so HMRC would have to prove that you are a trader by demonstrating that you have made a number of trades that resulted in you having an income from the trades, yes?

So, if I buy a 50th Snoopy, and flip it, for a profit HMRC are not going to chase me for some tax.

YY77

Just got a good scare while polishing what I thought to be scratches on the moonshine bezel at 12 o'clock under the rim and it isn't even 1 day old. Turns out at closer inspection with the loupe it just inscribed markings with the omega logo and material code.

S stuart70

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.

Stufflers Mom

Well my pattern is I bought one watch and sold it and few days later, that's it.