PTC - June 2009 - Task 2.2

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mmro
mmro Registered Posts: 21 New contributor 🐸
in AAT Level 4 (Level 8 in Scotland)
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

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  • mini_schnauzer
    mini_schnauzer Registered Posts: 347 Dedicated contributor 🦉
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    They are exempt - not subject to CGT
  • wonderwife2008
    wonderwife2008 Registered Posts: 41 Regular contributor ⭐
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    All cars are exempt even vintage ones as long as it's not part of a trade ;)
  • mmro
    mmro Registered Posts: 21 New contributor 🐸
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    ok great thanks Guys!!!

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