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CGT and antique motorcycles

IHT has been dealt with but I am being asked the question of whether these bikes are potentially subject to CGT in the future.

There are a lot of them, which I think is irrelevant because they don't count as a 'collection'. I believe they will be classed as machinery and therefore a wasting asset which is CGT exempt. There is no trade in the bikes and they have never been used in a business.

I would be grateful if anyone who has come across this could let me know if they concur.

Thanks.

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They're machines...

... just like watches and clocks, which people do frequently invest in. See CG76722.

So provided that they're not used for the purposes of any trade or vocation, they have an assumed useful life of less than 50 years and so are TMP that are wasting assets, thus being CGT exempt.

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Oh dear...

... I said assumed useful life. I'll get in trouble for making assumptions.

I meant to say that the legislation deems them to have a useful life of less than 50 years.

Greetings to BazBoyce!

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By Sarah P
24th Feb 2013 15:48

Thanks George
Much appreciated.

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