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Are Antique Clocks Free From Capital Gains Tax ?

I have been asked many times about the state of the economy at the moment as regards antique clocks. The market at the moment is very strange. We seem to be doing well on all high value items and clock sales are very quiet on the less expensive goods. To anyone listening to this they will probably ask me the question, well why is it this way?

  1. The first answer probably relates to people and/or businesses investing in antique clocks. Antique clocks are for tax purposes described as a ‘wasting asset’. This means they can be classified on business accounts as plant/machinery. Therefore their purchase can be set against tax. Personal possessions that are wasting assets. These can also be exempt from Capital Gains Tax. The tax man therefore at the moment can not touch clocks.
  2. My second answer relates to stocks/shares and low return on savings. At the moment wealthy and middle income customers are becoming increasingly frustrated with these low returns. They are deciding to purchase antique clocks for their home. At the moment there is a return on savings and investments. They would rather spend their money on items that give them pleasure. These can form equally good investments themselves. It is important you buy your antique clock from a reliable and trustworthy source. These will give you a money back guarantee that it is genuine and fully restored. Be careful when buying in auction as this is not the case.
  3. Intrinsic labour costs

    Antique grandfather clocks have so much intrinsic labour costs built in. As a result, they will continue, in my opinion, to form a good investment. They were built to last and labour costs at the time were very low. These past generations produced some wonderful clocks. We treasure these today, many can be viewed at our online antique store. www.pendulumofmayfair.co.uk.

     

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