PTC - June 2009 - Task 2.2
mmro
Registered Posts: 21 New contributor 🐸
Hi Guys,
Can anyone help with the Task 2.2 of June 2009 paper?
I don't quite get why the sale of the Rolls Royce is exempt??
In Nov 2009 sold a vintage Rolls Royce for £98000, he had bought it in July 1985 for £12000.
Should it be a capital gain? is this treated as wasting chattel ?
thanks in advance,
Maysa
Can anyone help with the Task 2.2 of June 2009 paper?
I don't quite get why the sale of the Rolls Royce is exempt??
In Nov 2009 sold a vintage Rolls Royce for £98000, he had bought it in July 1985 for £12000.
Should it be a capital gain? is this treated as wasting chattel ?
thanks in advance,
Maysa
0
Comments
-
They are exempt - not subject to CGT0
-
All cars are exempt even vintage ones as long as it's not part of a trade0
-
ok great thanks Guys!!!0
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