"Old" Collectables and 1 July 2016
The 1 July 2016 deadline is fast approaching for trustees with “Old Collectables”. This deadline relates to trustees having to satisfy the “5 Collectables” rules in respect of collectables which were purchased before 1 July 2011.
Trustees have had to comply with the “5 Collectables” rules since 1 July 2011 in respect of “New Collectables”: that collectables acquired on or after 1 July 2011.
What is a collectable?
There is a detailed shopping list of things which are defined to be collectables set out in the SIS Regulations (13.18AA). The list includes:
- artworks
- jewellery
- antiques
- artefacts
- coins, medallions or bank notes
- post stamps or first day covers
- rare folios, manuscripts or books
- memorabilia
- wine or spirits
- motor vehicles
- recreational boats
- memberships of sporting or social clubs.
What is not a collectable?
Both valuable metal (ie gold or silver bullion ingots) and gemstones (ie precious and semi-precious stones and minerals whether in a raw state or polished and cut state) which have no means by which they could be worn or attached to clothing.
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