What is Capital Gains Tax?
Tax on the profit when you sell something that has gone up in value.
Capital Gains Tax applies to the gain, not the sale price: what you sold it for, minus what you paid for it. It covers things like a second property, shares, or a business you sell.
It matters for resellers mainly by contrast. Selling your own used personal possessions is generally not trading and generally not taxable, whereas buying things in order to sell them at a profit is trading, and trading profit is income, not a capital gain. Which of the two you are doing is the question that decides everything else.
Rates and the annual exempt amount change often, so check GOV.UK for the current figures rather than trusting an article.
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