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Possible capital disposals in 2022/23 - advice required - Sale of painting which I bought in Auction in 2010 for 7,000 - we've just had
Possible capital disposals in 2022/23 - advice required - Sale of painting which I bought in Auction in 2010 for 7,000 - we've just had this valued at 42,000 as we found out it was an original by the artist! - Sale of antique bracelet by my wife (inherited from her Aunt in 2003 at probate value of 6,500), now worth 10,200. I really don't know anything about capital gains tax so would be grateful if you could advise on the basic calculations of gains, any available allowances or reliefs for these disposals and the rates of capital gains tax payable. I'd also be interested to know what happens if I sell an asset that's now worth less than what I paid for it - I'm hoping this won't be the case but would like to be prepared just in case! give advices with explanation on future capital disposals, answer question very carefully with details. thank you
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