Classic cars - CGT

Just a quick question. A client has said that he has bought and sold a couple of Ferrari's in the last year and earned a small profit. However, it totals more than the CGT annual allowance. I do not do a lot of CGT work. However, somewhere in the back of my brain i seem to remember that classic cars are exempt from CGT? Does anyone know if that is right please?
0
Comments
"You don’t pay Capital Gains Tax on:
your car - unless you’ve used it for business [...]"
I think they meant what you have rightly pointed out in your last comment.
When he mentioned it to me i said my gut feeling was that they were exempt however, if he is buying in order to turn them around and make a profit HMRC might decide that he is trading and therefore it is income. However, i said that i would look into it further for him.
He has bought 3 ferrarri's (nice, wish i could) and sold two of them. I suppose it comes down to his intentions when he bought them. He says that he is not going to sell the third, but keep it for his children. If he continues to buy them, then he is going to start to have trouble convincing HMRC that it is not an income stream.