laughingboy
pfm Member
There are two taxes being talked about: Income Tax and Capital Gains Tax. For box swapping, income tax won't apply unless there is a trade (box swapping is not a 'trade', see above). I guess the £1000 limit for income tax is intended for people with a small trade (a 'side hustle' in modern parlance), so as not to require tax returns when the trade is almost immaterial (e.g. someone who lets out their property to friends, once a year).It is very possible that revenue will be over £1k in this case so does the person need to fill out a self assessment form giving revenue - cost figures? Or does this become a grey area?
As for CGT, it is also unlikely to apply. See above. No CGT on single items worth less than £600 and Hi-fi is likely a wasting asset under CGT and therefore exempt.