capital gains tax
- Thread starter johne
- Start date
Rosco
Makes Flipper the dolphin look like an amateur
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Cars owned: A few Italian, German and English
Even if you are a trader, if you can prove that you paid for the car personally, registered it in your personal name, used it (I'm pretty fooked here 😀) and kept it for a period of time, then they have no case or argument as you can prove it was indeed a personal car.
Same thing goes for your personal house, no CGT.
Same thing goes for your personal house, no CGT.
SimonH
Fuck nut anus
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Cars owned: LP610-4, S1
Badges of trade takes me back a bit!
As Ken says, the problem would be income tax if you failed badges of trade test not cgt anyway.
Your copper was, like they often are, partly right. A chattel sold for over 6k will be liable to cgt however a private car is on the list of exempt chattels so it's a moot point here.
As Ken says, the problem would be income tax if you failed badges of trade test not cgt anyway.
Your copper was, like they often are, partly right. A chattel sold for over 6k will be liable to cgt however a private car is on the list of exempt chattels so it's a moot point here.