Do I have to »Ùʧ¤¦¡¿Ä¶â ÀǶâ if I sell on my Christmas gifts? ¾ÃÈñ¼Ô lawyer DEAN DUNHAM replies

Can I sell my Christmas gifts and other items I don¡Çt want without »Ùʧ¤¦¡¿Ä¶âing ÀǶâ?

R.R., Chislehurst, Kent.

Dean Dunham replies: It depends on what you are selling, why you are selling it and whether you make a Íø±×¡Ê¤ò¤¢¤²¤ë¡Ë from the sale.

If you¡Çre ´Êñ¤Ë selling personal ½ê»ýÉÊ you no longer want and for ¤¤¤Ã¤½¤¦¾¯¤Ê¤¯ than they would cost to buy, then such a sale would not attract any ÀǶ⠵Á̳¡¿ÉéºÄ if you do not make a Íø±×¡Ê¤ò¤¢¤²¤ë¡Ë.

However, if you are selling items you ´Êñ¤Ë no longer want but for a Íø±×¡Ê¤ò¤¢¤²¤ë¡Ë ¡½ such as ³¨s, antiques, jewellery, ¾è¤êʪs and µ¡³£¡¿µ¡¹½ ¡½ you may have to »Ùʧ¤¦¡¿Ä¶⠻ñËÜ¡¿¼óÅÔ ¿­¤Ó¡Ê¤ë¡Ës ÀǶâ (CGT).

Unwanted gifts:?If you¡Çre selling personal belongings you no longer want and for less than they would cost to buy, then such a sale would not attract any tax liability

Unwanted gifts:?If you¡Çre selling personal ½ê»ýÉÊ you no longer want and for ¤¤¤Ã¤½¤¦¾¯¤Ê¤¯ than they would cost to buy, then such a sale would not attract any ÀǶ⠵Á̳¡¿ÉéºÄ

Your »äŪ¤Ê car and individual items each ²ÁÃ͡ʤ¬¤¢¤ë¡Ë ¤¤¤Ã¤½¤¦¾¯¤Ê¤¯ than ¡ò6,000 (or ¡ò12,000 if you own them ¶¦Æ±¤Ç with someone else, such as your husband or wife) are ½ü³°¤¹¤ëd, so will not attract a ÀǶ⠵Á̳¡¿ÉéºÄ when sold.

¡ÆWasting »ñ»ºs¡Ç, or items that the ÀǶâ man ¼õÂ÷¤¹¤ës have a lifespan of ¤¤¤Ã¤½¤¦¾¯¤Ê¤¯ than 50 years, are also ½ü³°¤¹¤ëd from ÀǶ⠵Á̳¡¿ÉéºÄ, so you will not »Ùʧ¤¦¡¿Ä¶â ÀǶâ on the sale.

If you sell items you ¹ØÆþ¡Ê¤¹¤ë¡Ëd ÆÃ¤Ë for re-sale and then make a Íø±×¡Ê¤ò¤¢¤²¤ë¡Ë, it will Ͷȯ¤¹¤ë¡¿°ú¤­µ¯¤³¤¹ a ÀǶ⠵Á̳¡¿ÉéºÄ.

So, if you snap up Ã夻¤ë¡¿ÉêÍ¿¤¹¤ëing or À¤ÂÓ ¼è°ús online then sell them at car boot fairs or on ¾ì½ê¡¿°ÌÃÖs such Ebay and Gumtree, this will be ¤ß¤Ê¤¹d as a ¡ÆËǰסʤ¹¤ë¡Ë¡Ç ¡½ meaning you will need to ÅÐÏ¿¡Ê¤¹¤ë¡Ë as ¸ºß self-¸Û¤¦d with HMRC and »Ùʧ¤¦¡¿Ä¶⠽êÆÀÀÇ on any Íø±×¡Ê¤ò¤¢¤²¤ë¡Ë you make.

Since April 6, 2017, you can ¾å¤²¤ë your income by ¼ýÆþ an extra ¡ò1,000 a year ÀǶâ-²òÊü¤¹¤ë¡¿¼«Í³¤Ê thanks to the Ëǰסʤ¹¤ë¡Ëing allowance.?

It ´Þ¤às buying and selling online ƱÍÍ¤Ë as money made from casual ¿¦¶Ès such as dog-walking or babysitting.

You can earn ¡ò1,000 in each ÀǶâ year this way. As a general »ÙÇÛ¤¹¤ë, this means there is no need to tell HMRC or »Ùʧ¤¦¡¿Ä¶⠽êÆÀÀÇ on the money.

On ºÇ¹â¤Î¡¤¤ò±Û¤¹ of the Ëǰסʤ¹¤ë¡Ëing allowance, you also have your ÀǶâ-²òÊü¤¹¤ë¡¿¼«Í³¤Ê personal allowance. This is the ÎÌ you can earn before »Ùʧ¤¦¡¿Ä¶âing ÀǶâ, which is ¸½ºß¡¿°ìÈÌ¤Ë ¡ò12,570.

Should I Ä´°õ¤¹¤ë my car over to my son??

My car Êݸ± is too high and I don¡Çt ±¿Æ° much so I want to Ä´°õ¤¹¤ë my car over to my son. Are there any ¹çˡŪ¤Ê Í·ês?

K.S., Lingfield, Surrey.

Dean Dunham replies: What are your long-¾Î¤¹¤ë¡¤¸Æ¤Ö¡¿´ü´Ö¡¿ÍÑ¸ì °Õ¸þs in relation to your ¾è¤êʪ??

If you want to give it to your son as a ¡Ægift¡Ç, meaning he will ¹çˡŪ¤Ë own it and be ²òÊü¤¹¤ë¡¿¼«Í³¤Ê to do what he wants with it, ´Þ¤àing selling it, there are no ¹çˡŪ¤Ê Í·ês so long as you go through the ÄûÀµ¤¹¤ë ²áÄø of transferring ¹çˡŪ¤Ê ½êÍ­¸¢ with the DVLA.

However, if you ´Êñ¤Ë want to µö¤¹ your son to use the ¾è¤êʪ and therefore ÊÝ»ý¤¹¤ë ½êÍ­¸¢ yourself, the position is very different and could create ¹çˡŪ¤Ê Í·ês.

You could be held liable, for example, if your son gets a parking ticket, has a ¸òÄÌ»ö¸Î or breaks any ˡΧs of the road. You will also ÊÝ»ý¤¹¤ë ÀÕǤ¡¿µÁ̳ for making sure the ¾è¤êʪ is insured, ÀǶâd, roadworthy and has an up-to-date MOT.

To ¸Â³¦ these Í·ês you need to ÄÌÃΤ¹¤ë DVLA that your son is what is called the ¡ ÆÅÐÏ¿¡Ê¤¹¤ë¡Ëd keeper¡Ç of the ¾è¤êʪ and ask it to update its µ­Ï¿¡¤µ­Ï¿Åª¤Ê¡¿µ­Ï¿¤¹¤ës and then ÌäÂ꡿ȯ¹Ô¤¹¤ë a new V5C ʸ½ñ.

This is the ¾è¤êʪ logbook ÌäÂ꡿ȯ¹Ô¤¹¤ëd by the DVLA on ÅÐÏ¿ of a ¾è¤êʪ in the UK. Its ºÇ½é¤Î¡¿¼çÍ×¤Ê ÌÜŪ is to serve as a ¾è¤êʪ ÅÐÏ¿ ¾ÚÌÀ½ñ and ¶¡µë¤¹¤ë the ¾ÜºÙ¡Ê¤Ë½Ò¤Ù¤ë¡Ës of a ¾è¤êʪ¡Çs ÅÐÏ¿¡Ê¤¹¤ë¡Ëd keeper.

If you do this you will remain the ¹çˡŪ¤Ê ¡Æowner¡Ç of the ¾è¤êʪ, ¸ú²ÌŪ¤Ë meaning the ¾è¤êʪ is still in your ½êÍ­¸¢ and you will ÊÝ»ý¤¹¤ë ÀÕǤ¡¿µÁ̳ for making sure it is insured.

If your son is the ÅÐÏ¿¡Ê¤¹¤ë¡Ëd keeper, that means he will be responsible to the DVLA and police in »öÎã¡¿´µ¼Ô of road ¸òÄÌ»ö¸Îs, parking offences and ¥¹¥Ô¡¼¥É°ãÈ¿ ȳ¶âs.

Finally, if you still have a ÂßÉÕ¶â on the ¾è¤êʪ, check that changing the ÅÐÏ¿¡Ê¤¹¤ë¡Ëd keeper will not contravene your ¶¨Äê.

  • Îá¾õ to Dean Dunham, Money Mail, Scottish Daily Mail, 20 Waterloo Street, Glasgow G2 6DB or email d.dunham@dailymail.co.uk. No ¹çˡŪ¤Ê ÀÕǤ¡¿µÁ̳ can be ¼õÂ÷¤¹¤ëd by the Daily Mail for answers given.?

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