I have a large collection of music CDs that I built up over twenty years. I am now gradually selling these CDs online and through magazines, as many are rarities. Do I have to report the money I make to the tax office?
If your CD collection was purchased for your own enjoyment and not with the aim of selling the individual items, you are not trading as a CD dealer, you are just disposing of some surplus personal property. The money you receive is not subject to income tax as you are not trading, and as long as each CD sells for less than £6,000 there is no capital gains tax to pay.