PTC - June 2009 - Task 2.2

mmro

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

mini_schnauzer

They are exempt - not subject to CGT

wonderwife2008

All cars are exempt even vintage ones as long as it's not part of a trade

mmro

ok great thanks Guys!!!