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My client’s elderly parents recently decided to downsize and move to a smaller property. She has been helping them declutter and found some stamp and coin collections that her father had amassed as a young man. Initial enquiries suggest these could be very valuable.
Most of the coins are British but are pre-decimalisation with some several hundred years old. There are also some foreign coins.
Can readers advise on presumably the capital gains tax implications of a sale. Is this currency taxable and what about stamps?
I’m sure the money would be welcomed by the parents but I was wondering whether I should suggest that the parents leave the collections to the children and grandchildren bearing in mind the uplift in base cost on death.
Query 19 833 – Stanley.
Chattels that are sold for less than £6 000 are exempt from CGT.
Capital...
