Quote:
Originally Posted by SC11
As long as you are not in the business of selling watches CG does not apply.
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Why would that be? If you are in the business it would be ordinary income not capital gains. But any collectible held for more than one year (less than a year ordinary income) that increases in value is taxable. Now whether people comply is an entirely separate matter. See IRS topic 409.
Edit: saw you are in UK. Same principle but I think they have to be worth more than £6,000.