Selling your Olympic Torch!
In a very topical update HMRC has clarified the tax position on the sale of an Olympic Torch!
If the torch is worth less than £6,000 when sold, there is no Capital Gains Tax (CGT) on the proceeds. If it is worth more than £6,000 there will be a chargeable gain.
Even if the proceeds are given to charity there may still be a CGT charge. There is no exemption from CGT even if you donate the money you receive on selling the torch to charity although the gift can be made under Gift Aid and income tax relief claimed.
If the torch is given to a charity for them to keep or sell themselves there will be no charge to CGT.
Date: 25th June, 2012
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