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capital gains tax

Peter Holmes

Well Known and Active Forum Website User
VOC Member
So if I purchased a Rapide in 1965 for £65 and I want to sell it (I dont!) at todays prices how much CGT liability would I incur? Please think very carefully before posting a reply as I may consider suicide, they have already stolen most of my pension, my trusty steed was to be the last throw of the dice
 

John Smith-Daye

Well Known and Active Forum Website User
VOC Member
Peter, don't panic. In this country, vehicles which are privately owned and not used in a business are exempt from CGT under "tangible movable wasting asset" rules, for persons resident/ordinarily resident in the UK. As to Sweden, I don't know if CGT is only applicable to Swedish residents, or to assets sold in Sweden by non-residents also?
 
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John Smith-Daye

Well Known and Active Forum Website User
VOC Member
... another definite way to get away from CGT is not to make a gain. With this in mind, Peter, I would be glad to assist by making an offer of £65 for your Rap...........similarly, one way around Inheritance Tax is to give everything away and last for 7 years. As a very generous accountant, I would be glad to assist with this difficult tax problem by accepting all donations of Vins from those that are far too rich and may have an IHT problem in the future..............
 

vincenttwin

Well Known and Active Forum Website User
VOC Member
sell it for 65.00 and other considerations which might be cash or other items as an exchange, but do not let some VOC members know or they will make huge trouble for you.
 
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timetraveller

Well Known and Active Forum Website User
VOC Member
Hopefully those VOC members will cease to be members of the VOC quite soon. They have potentially caused trouble for us all in the future and have caused real harm to elderly people already.
 

sidmadrid

Well Known and Active Forum Website User
VOC Member
As mentioned, there are no capital gains charged to uk taxpayers on motors.
Regarding Sweeden, capital gains tax can be charged on the sale of personal assets only over a profit of SEK 50,000 (£4,420).
I'm sure you could increase you initial purchase price by an inflation multiplier to lower your apparent gain, and offset any repairs you have had during your ownership.
Current tax rate is 30% on realized capital income.
Cash is a very good thing, but is getting a rare comodity these days, and there is often not a lot you can do with it except store it under the matress.
 
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