Sale of Car - CGT?
I know that 'private cars' are exempt form cgt.
In this case a company has sold a sports car (owned approx 10 years) at a considerable gain, the car never been used in business activities - expect kept under a sheet in a lock up.
My question is could this be classed as a sale of an investment and would CGT be due on gain?
Any help greatly appreciated.
- Investment properties revaluation 58 5
- Foreign Business setting up in UK 211 1
- FRS percentage 140 3
- Which company is best for online new company formation? 210 6
- Umbrella Companies 69 2
- Benefit fraud 3,335 48
- Should I continue with the ACA? 401 9
- Anybody taken part in the Growth Voucher Scheme? 304 10
- How much did you pay for your website 1,107 21
- can a CGT transfer be legally cancelled in the future if 377 11
- FILING COMPANY ACCOUNTS 365 10
- Dispensing with accounting periods, with nested ledgers. 127 1
- Intangble Assets 114 1
- Foreign Premium Distributions 198 4
- Companies House 697 5
- Who would you nominate for a Practice Excellence Award? 292 4
- How to deal with a prior year CT adjustment 315 11
- RTI Penalties 201 1
- How to delete of a password protected company? 125 2
- Subsidiary exemption from audit via parent guarantee 112 1
- CTA study material 640
- Anyone have clients that use Pay4Later to offer customers credit? 386
- Employment related securities question 237
- ATED Penalties 209
- AIM Stocks and IHT 184
- Tax Relief for overseas employees 153
- Expat pension contributions? 143
- Trust for Employee 137
- Staff accommodation without a rental value or RV 129
- Capital allowances 113