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.
- Scottish independence - what happens to HMRC? 1,008 56
- Are HMRC cutting out Agents in tax investigations? 237 2
- Dental practice incorpration 105 1
- Audit rules 149 4
- Stopping trading and de-registering for VAT 221 5
- Disengaging a client who uses our office as a registered office address 807 20
- Go Cardless 256 8
- business entertaining deductibility 118 1
- Self assessment tax arrears 129 2
- R & D 101 3
- Shareholder/Directors termination payments 72 1
- Childcare vouchers and final month payroll Qs 107 2
- Can anybody help withe the RTI end of year process? 152 3
- Payroll software with annual pay period? 145 1
- New Business Registration 212 5
- Hosted email exchange 129 4
- Excel formula for UK corporation tax including losses 145 1
- G P life time allowance 113 3
- Why will HMRC not code out my client's £1,730 underpayment for 12/13 372 11
- Bringing money to Uk 216 3
- Xtuple 501
- Qtac payroll for bureau 335
- Confused - Professional Association a Mutual trader, or not? 280
- Industrial & Provident Societies 276
- Mehjoo 220
- Data transfer from Sage Line 50 to VT Transaction+ 218
- New strategic report 170
- Domain name sale and limited company 159
- South African Government Pension 154
- CIS schemes 149