Quote:
Originally Posted by Paul
There is something called the "CGT reporting proceeds limit", which will be fixed at £50,000.
I cannot find any (understandable) definition of what this is, but the name seems to imply you dont have to report anything under £50,000 ?
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You have to report if the total proceeds of the sale exceed £50k, even if your gain didn't exceed £6k. So if you bought a painting for £60k (as you do) and sold it for £65k, you would have to report it.