Hello all
I have a Canon EOS800D that I used to take out a lot more than I do now. I don't shoot with it very often anymore so looking at scaling down a bit and selling it. I was wondering if I would pay any tax on it because I didn't pay anything for it in the first place, as it was received as a gift? I've looked at this salary calculator (https://www.income-tax.co.uk/)which has been kind of helpful but not totally answered my question. Any help would be much appreciated!
Thanks in advance
I have a Canon EOS800D that I used to take out a lot more than I do now. I don't shoot with it very often anymore so looking at scaling down a bit and selling it. I was wondering if I would pay any tax on it because I didn't pay anything for it in the first place, as it was received as a gift? I've looked at this salary calculator (https://www.income-tax.co.uk/)which has been kind of helpful but not totally answered my question. Any help would be much appreciated!
Thanks in advance