Fitz's Youtube Channel

Ceramic Daytona

I have survived and audit on this its not an issue. *not financial advice*

Yep, so long as its paid for with personal taxed income they consider it wasting chattel (its machinery) its an old rule that covers antique clocks as well past the 50 years cutoff.

Why do you think watches are so popular and oft found in CAB seizures. Its the same with classic cars, car sales in general. The threshold for CTG is about 2500 euro but thats for movable property, watches are wasting chattle which is different. There is a trail Scwazrh....they see on date X money went out to buy a watch on on date Y money came in from said watch sale. You keep records of ads, and texts. They see insurance valuations and pictures of the watch. I am sure if I were to liquidate all my watches in one go and turn 6 figures they would look more closely but no rules are being broken. Sure the biggest loophole in the world is the existence of cash, the dishonest would show no profit on any sale and take that in cash. That's why they dont bother. Also if they tax the profits they have to allow the depreciation and on average watches depreciate so would not work out well for them. The only issue is vat if they deemed you were doing watch trading as a business, however if they open that avenue up they also open you ability to deduct all sort.

The watches CAB seize are for laundering....dirty cash buys the watch...sell the watch and its clean and you dont have to declare it but you can still spend it without worry. Yeah its an easy way to move money, but the main value is in laundering because there is no mandatory declaration of purchase or sale of wasting chattel. Crims also love cars for this. Buy a car with dirty cash in Kerry and sell it in dublin for clean cash. The Kerry salesman is under no obligation to say from whom the cash came, its just a asset off his books, nore does the buyer in Dublin has to say who the seller was.

Last couple of times I bought off watchfinder they went through a whole money laundering thing with me, taking passports and verifying fixed addresses and phone lines. Its a big issue and one driving the prices at the moment.

How do you prove the origin of any cash lodgement? I try not to do much cash it get messy and hard to remember. But yes the entire revenue system is a honours system based on self declaration. I pay my accountants to look after all this stuff for me and keep me on the right side of the revenue, they certainly get their pound of flesh out of me. Gambling winnings is another loophole, or the personal gift of 3k per year between any two people (get 4 people and you can transfer 12k tax free in any one year). Avoid....do not evade.

Omega Speedmaster TLDR - cool watch, too expensive these days.