With regards to CGT, if a client has a personal vehicle which is claimed as 60% personal, 40% business, how does this work for CGT? Do they have to pay CGT (over the allowance) on the full amount or is 60% added back?
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Unless it's a prestige and likely antique vehicle, CGT is not in point. Is it a 1965 Rolls Royce Silver Shadow in pristine condition?
Cheers, Steve - thought as much! Just out of interest, theoretically, if CGT did come in to affect for a vehicle used personally and for business, would the personal aspect reduce the gain or would the full gain be subject to the tax?
Let's not waste time here. Very few cars are subject to CGT. I can't imagine a scenario where a car being used 40% for business and 60% private would be subject to CGT at all.
But tell us your story. Maybe I'm just not good enough at imagining.
Unless it's a prestige and likely antique vehicle, CGT is not in point. Is it a 1965 Rolls Royce Silver Shadow in pristine condition?
Hi Steve, for my own learning what makes an antique vehicle any different than a normal passenger vehicle for CGT? Is it merely that its predictable life is > 50 years and therefore it's no longer a wasting chattel?
Thanks.
OP, have you considered balancing adjustments in the capital allowances comp which is the more likely scenario if the business is on the accruals basis?