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Selling your own possessions

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Does selling your own possessions that you have had for some years (eg jewellery, collectables) count as "income" for housing benefit purposes. Say you have amassed a large collection of something when you were younger and are now gradually selling it off on Ebay to pay for bills, household items etc.

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I would have thought that the answers – no.


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Thanks. I know you have to be careful not to let the total "profit" exceed a certain sum in a year as one would still be liable for CGTax - I believe the sum is £11100 per annum.

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The way you have to think about this is. If you were asked to provide Bank statements, Building Society accounts, share certificates and anything financial to evidence your current savings, would the amount exceed the minimum savings threshold, where it would affect a benefit claim ?

 

It is not income, if you are selling personal items to help meet your financial commitments. But if you exceed the savings threshold, then yes benefits claims could be affected.

 

Make sure you have evidence of selling personal items, by keeping hold of documents such as receipts.  Make sure it does not look like a business, where you have bought goods to sell.


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No i have been very careful not to exceed the savings threshold.

 

Obviously if you have amassed a collection over many years then you are not going to have kept the individual receipts for all those items. Try asking your grandma to prove how much she paid for items she bought 10, 20 30 years ago. In my case I am fortunate enough to have written a book and several articles illustrated with my collections and dated over 10 years ago, so I can prove that I had large collections of items back then.

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Then does not sound like a problem.

 

I have often thought it was unfair that some people could have tens of thousands of pounds of jewellery or paintings and could claim benefits. While people who had saved cash or bought shares, with a value above the relevant threshold could not claim benefits.

 

 


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

If you want advice on your thread please PM me a link to your thread

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I think there is a difference between items which were bought for investment and those which were bought for use, or as a hobby.

 

Im not talking about diamond necklaces and such - but the sort of costume jewellery that your grandmother (and mine) used to just wear for everyday. These things were not bought for "investment" but to give the owner pleasure. Same with the other items "girly" items I collected over the years. At the time there was little monetary value involved but these items are now "collectable" and have rocketed in value if you know where to sell them.  But unless you know where to sell a collectable item and who is likely to want to buy it then its difficult to assign a monetary value to it.

 

Stocks and shares - bonds - these have an established monetary value and  - were bought for investment. Similarly paintings and jewellery which are locked away in safe deposit boxes.

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