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.

Comments
There are 3 comments. Login or register to view them.

They're machines...

George Attazder |
George Attazder's picture

Oh dear...

George Attazder |
George Attazder's picture

Thanks George

Sarah P |