UNITED KINGDOM: HMRC published tax rules for sale of Olympic Torches

UNITED KINGDOM: HMRC published tax rules for sale of Olympic Torches

 

It has been reported that carriers of an Olympic Torch have been selling their Torches at considerable prices (for instance through e-bay). The torches, can be bought by bearers for a discounted £215, were intended as a nostalgic keepsake for runners. Many of the runners had been given their torches free of charge by sponsoring companies. Some Torches showed up for sale online within hours of the flame’s arrival in Britain.

 

The UK tax authorities (HM Revenue & Customs, hereafter HMRC) have stated that if the torch is sold for less than GBP 6,000 no capital gains tax will be levied, and that if the torch is sold for over GBP 6,000 capital gains tax will be due at 18 or 28% (depending on the size of the individuals capital gain realised during tax year).

 

 

Source: http://www.hmrc.gov.uk/news/olympic-torch.htm