Why...

[Master Jmd]

Why do you collect coins?

[Emperor Oli]

I collect them for both profit and fun. I hope one day that my more expensive coins will prove a sound investment for the future

[Sylvester]

bored and depre... no really i do it for the sheer fun of it!

[custard1966]

Wth regard to the profit issue, does anyone know if profits made from coins require payment of capital gains tax (assuming the profit goes over your personal allowance)?

[Chris Perkins]

I don't even want to think about that! Obviously you have to pay tax on what profit you make in selling coins, but I don't know about the capital gains side of things.

I get the impression that hobby dealers and private individuals that sell the odd coin, never declare anything anyway

[Emperor Oli]

No, you must declare it on your Tax Return I'm afraid. Even if one does small stuff once a year, for example a car boot sale, one must report it on their form - if one doesn't it be tax evasion matey ooh argh

[mint_mark]

I collect coins to learn.

When I sell on ebay there is no profit. In fact, it's an act of charitable giving on my part... usually to ebay :/

I'm not a tax advisor, but I believe capital gains only comes into play with a single disposal that results in a gain over the threshold limit, and the threshold is (around) 7000 pounds, so not a problem for most of us I should think. Note that is for a single item... it doesn't accumulate through the year, so lots of smaller items are not liable.

If you buy and sell coins as a source of income, then income tax is payable. They have criteria for deciding whether you're running a business or not and I imagine that if they decide you are then it's hard to get out of it!

I'm still not a tax advisor. This is a disclaimer. That was not tax advice.

[william]

I collect coins for fun!

[TomGoodheart]

I collect because I'm an obsessive nerd and I find it fun to tick off the varieties I have accumulated. Mostly it's fun but when I get beaten for something on eBay it aint! If I win and I think I have got a bargain however..... (not that money has anything to do with it!!!!)

[samclab]

I collect for fun and tridition.

[Edward]

Can I change my vote? I put in "other reason" thinking about history, art, etc, but it's really all for the fun of it.

I'm Tom's obsessive nerd brother--I also tick off my types.

I agree with Chris, let's not even think about the tax implications. I don't want to have to find out what a capital losses form is all about.

[Half Penny Jon]

How long have you all been collecting (number of years). I have been collecting since I was 7 or 8 when my Grandad gave me all of his old coins he saved back in 1971 after decimalisation. That means that I have been collecting for 7 years.