Quote:
How would they know it wasn't yours to start with? Maybe you were taking it on a trip to show friends/relatives with common interest.
Assuming there is value in it: then you exported it and should have declared it, or taken the purchase receipts with you to start with. It is not the courts where you are innocent until proven guilty. It is the IRS that you owe taxes unless proven you do not owe them taxes.
If you return home from a holiday abroad with a Rolex watch (that appears new - something that would not be relevant for an old stamp album, especially if it is not a UK album) you have a good chance that, if challenged by customs, you will have to make it probable it was in your possession when you left the country to start with. An old Rolex makes it likelier you did not buy it abroad where taxes are lower.
For the stamp album, the shiny newness - or lack of it - would also be probable if it is a new buy.
Unless you paid 2,000 GBP or you are lucky and the stamp album contains a mint VR Penny Black official, chances are that a cheap buy at a flea market was cheap because it contains little of value and looks that. There is little reason to assume you are smuggling something valuable and what GeoffHa and what DavidR said applies.
(Unless, of course, the customs officer has just
inherited a stamp album and thinks he hit the jackpot, chances are that if you are challenged by a customs officer, the officer will question your sanity in carrying around that old junk that has no value and not the import duties due.)