capital gains tax

J

johne

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Cars owned: 993 carrera
every one tells me there is no capital gains tax on a car . but a copper who lives across the road seems to think if you make over £6000 you are liable for it. is this true ? me and my brother bought the car 6 yrs ago I put my supersport down on it. value £20,000 and my brother wrote a cheque for £50,000 total £70,000 .sold it for £140,000 .where do I stand ?
 
No tax of any kind is payable on any profit made by the seller of a private car(non-business)in a private sale in the UK
 
Last edited:
johne said:
every one tells me there is no capital gains tax on a car . but a copper who lives across the road seems to think if you make over £6000 you are liable for it. is this true ? me and my brother bought the car 6 yrs ago I put my supersport down on it. value £20,000 and my brother wrote a cheque for £50,000 total £70,000 .sold it for £140,000 .where do I stand ?
Click to expand...

That's why he is a Copper, he is talking bollocks. 100% correct to say no CGT on private vehicle sale.
 
Since when has a copper been a tax expert.

Utter bollocks. Your fine John.
 
Haha what a load of copplas !
 
...just tell the copper that 70 in a 30 has been declared legal - its part of the knowledge now ;)
 
Hi John
To be fair to your copper mate, he's not entirely incorrect. Some personal items are captured at the 6k threshold. But not your own motor vehicle.
 
thanks everyone. so now I'm like every other cab driver without a GT2 :sorrow: and its very kind of everyone on here for offering lending me there p1, maclaren 650 ,aventedor , 991gt3rs ,Porsche 991r ,Carrera gt .such a choice I don't know where to start :(rofl):
 
My word!
I have to say take a look at the facts here:

1: He's a copper.
2: He's still a copper.
3: He's a copper that is eaten up with envy.
4: They never stop working and are intent on finding/causing issues.

Be careful how much you disclose to this idiot.....

Talking from experiance..... Once bitten, twice shy! 👍🏽
 
The Postman said:
My word!
I have to say take a look at the facts here:

1: He's a copper.
2: He's still a copper.
3: He's a copper that is eaten up with envy.
4: They never stop working and are intent on finding/causing issues.

Be careful how much you disclose to this idiot.....

Talking from experiance..... Once bitten, twice shy! 👍🏽
Click to expand...

Im so + 1 on this post.
 
The Postman said:
My word!
I have to say take a look at the facts here:

1: He's a copper.
2: He's still a copper.
3: He's a copper that is eaten up with envy.
4: They never stop working and are intent on finding/causing issues.

Be careful how much you disclose to this idiot.....

Talking from experiance..... Once bitten, twice shy! 👍🏽
Click to expand...

Exactey I have/had a few friend's that are now coppers, no longer friends.......
 
As an aside, someone told me years ago there's a limit on how many cars you can buy and sell in a year before you have to be classed as a trader, he said it was 10, anyone know if there's any truth in that ??
 
I heard 7....but also heard that there is no magic number, all depends on intent.
 
I was investigated yeSrs ago & told that as I was connected with the motor trade , there was no allowance, every car was taxable.
Best not sell my RS 😬
 
Been poking around the net and a few seem to think if you but a car with the intent of selling for a profit HMRC want a slice of it
 
There is no capital gains tax on cars.

If you are trading in cars then you will be subject to tax on the profit but don't forget that also means you get relief for losses.

When I was doing my tax exams many years ago, there was something called badges of trade. This was a test to determine if somebody is a trader. It is not clear cut, HMRC might have a view but that view can be challenged if you don't agree.
 
Its far from clear Cut, each case turns on its own Facts, that what the Vat Tax Duties Tribunal is for.....
 
I would refuse to pay tax on my RS, it has nothing to do with my Buisness & was purchased solely for me , with my own money, so think that is fair.
 
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