Learn languages naturally with fresh, real content!

tap to translate recording

Explore By Region

flag Selling personal items online doesn’t lower income tax; losses only offset capital gains, and only sales over £6,000 may trigger tax.

flag HMRC has confirmed that losses from selling personal items, such as online via eBay or Vinted, cannot reduce income tax. flag These losses only offset capital gains, not income. flag Items worth £6,000 or less are generally exempt from capital gains tax (CGT), and losses on them cannot be claimed. flag Gains on items over £6,000 may be taxed at 18% for basic-rate taxpayers or 24% for higher-rate taxpayers. flag Only gains above the £6,000 threshold must be reported. flag HMRC advises using a government tool to determine if online sales income must be reported.

3 Articles